Amendment status not verified — confirm the current text below against the official source.
(1)TheUniversityshall•alsoestablisha Development Fwd *ich the•following amount •shall,be credited.. namely: — (a) developmmtfeeswhEchmay from sWdents; (b) receivedfromanydha socceforthe prposesofthedevelopnmtoftheUrfiærsty; Searchable PDF created by OCR.space (Free Version) bkilitenancs of Report Acmunt and Audt. .29. any a:jniribuü0ß made ty the• (d) all ütritutions ot donations made in this bdlalf by any.otrz person Body whichare notprohibitedbyanylawfor he time in force; and (9) sut*ectto provisionsof sub-section'{5) of section 41, incomes received •from the Endowment Fund ' (2) The anunt credited to the Duelopment Fund, time to time, shall be utilized for the development of the University. 4 The Funds established under sections 41, 42 and 43 shall, subject to general supervisionand control of the Board of Goverrms, be regukated and maintained in such manner, as may prescribed. 45.(1) -The Annual Repon of the Uriversity shall preparedünderthe directionof the Boardof hhnagementand shall be subrntted to the Boerddf Governorsfor its approval. (2) TheBoerdof Governorsshallconéder.theAnnua} Report in its meeting and nuy approve the same wit) or without (3) A the AnnualRemrt duly approvedby the 30erd of Governors shall sent to the Chancellor and to Ehe State Goverrment on or beforethe 31st Decemberfoll%ing closureof the financialyearonthe 31st eachyear.The annual report be laid in House of Legislative Assembly, 46.(1) The annualaccountsand BalanceSheet-of the Universityshall preparedundertie directionofthe Boardof manæement and funds accruing to or b} the University from.whatever source and all amolnt disb(rsed or paid shall be entered in the au:nunts mairiained by die University. (2) The annuä\account-of the Universityshall auditedeirery•yearby a ChartedAamntantl who is memberof InstituteofChattedAccountantof Iriiar Searchable PDF created by OCR.space (Free Version) -30- (3)A copyof mnual W]a.nts and the Balance togetherwiththeauditeponshallte submetted tothe Board of Goverws on before the 31st Decemb« dosureofthefirm" yea onthe31stMrch everyyear, (4)Theannualaccounts,the BdanceShal the auditreponsipElbeplacedbefore Boardof Governorsat itsrreeti(Efor(M$ideraionendapprovalandtheBoardof ewernors shall forwarott'b to and•iote State m t:pforethe 31stDecen%ereachyou, (5) In the Bent otsenaim relaBngto defidenciesin financid managementin the Reportof the CharteredAccountant,the State'Government •nøy issue dirætionsto tf:e Univetsity.and such directions be bindingon•ttyUniversity. 47, A :npy of any receäpt,application, order. Ma:fe of of ü•iærsity Reard. of University. proceeding •orrædutionofanyautlßlityofg:rnmitteeofme Uniwæityorotherdocuments in-pose—iontheUnicrsity or ent1Yinanyregister"y nuintainaibytE UnivaSty,if cedfiedby.theRegistra,shallbe as primafoe evidenæ suchreceifitnplicatioo,notiz order,proceeding, resolutionor docihent Oftheexistence•ofentry therqster shdl adhlittx:i as eviderce. of the •matters and tra•waün theeinrecorded thyeofHUId. if produced, admissibleinevidence. 48.{1)IftheSprs. Bodygxoposes dissolutim ofthe Uriærsityinax;ordance withthelawgovenngitsconstitution or incorporatfcn, it shallgiveat EeastthreemoMhsnot*æin wriiF' totie.State (2) On idegtqcdion mal- administration, indscipline,failureintheaccomplidmentof theobjectsof theUniversityqndeconomichardshipsinthe mav,egeneN of the Unigénity,the SMe Govenment shall, subject to and in accordance with r.plevan k law,if any,for theime bengin forcelissue difectlonsWthe bodyof the l.nvesity and he Searchable PDF created by OCR.space (Free Version) -31- dlrection are not followed within such üme as may be prescribed,the rightto takedecision,for dssoEutionup of theUniversity shaftvest in the StateGovernment (3) The mannerof dissolutionofthe Universityshall be such,as maybe prescribedby the StateGovernmentin the behalf, (4) If the StateGovernmentconsidetsit necessary to suspend the Board oi Management,it shall, by notification published in Official Gazette, order suspensionof the Boerdof Managementand shalEmake arrangementsin consultationwith the Sponsonng Bodyfot theadministrationof the businessofthe University till tie completion of investigation as may consider. necessary: Provided no $JCh action shd .be inmated withoutaffordinga reasonabieopportunityto showcauseto the Sponsoring Body, (5)On receiptcf noticereferredtoin sub-section or on a decision to•dissolveunder sub-section (2), the State Govemment in consultation wth the All. Inda Council for Technlcal Education. Unlversity Grants Ccmnission and other concernedRegulatoryBodies•of Centralor StateGovernment.makesucharrangeme•nts for administrationof the Umversityfrom the proposeddate of dissdutionof the Universityuntil the l:st batchof students in regularcoursesof studiesofthe Universitycompletetheir coursesof studies such.manneras may be prescribed. 49.(1) The expenditure for administration Gf the Sqenditure.of Universityduring University duling the taken Overperiod of its management disoluion. under section 48 she)' be met out of the Endowment Fund, the General Fund or the Development Fund, the fund referred to ih subsectiQn are not sufficient tomeettheexpenditures (f theIJnivåsityduring the taken over period of its management suGhexpendtur.e maybemetby disposngofthepropertiesOfassetsofthe Universityby the StateGovemmem. Searchable PDF created by OCR.space (Free Version) Rerrnvä 01 dfiultt$- -32-