Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other provisions of this Act and the Statutes :— (a) the first Vice-Chancellor shall be appointed by the President and the said officer shall hold office for a term of three years or till the new Vice- Chancellor is appointed which ever is earlier. (b) the first Registrar shall be appointed by the President who shall hold office for a term of three years or till a new Registrar is appointed, whichever is earlier. (c)the first Board of Governors shall hold office for a term not exceeding three years; and (d) the first Managing Committee, the first Finance Committee and the first Academic Council shall be constituted by the President for a term of three years. 44.(1) The Sponsoring Body shall establish a Corpus Fund of Rupees Ten Crores. (2) The amount of Corpus Fund shall be invested and kept invested until the dissolution of the University in long term securities issued or guaranteed by the State Government. (3) The University may transfer any amount from the General Fund or the Development Fund to the Corpus Fund. (4) Excepting in the dissolution of the University, no money can be transferred from the Corpus Fund under any other circumstances for purposes other than that of the University. (5) Out of the incomes received from the Corpus Fund amount not exceeding seventy five per centum shall be used for the purpose of scholarships or development works of the University and the remaining twenty five per centum shall be reinvested in the Corpus Fund. 45.(1) The University shall establish a General Fund to which the following amount shall be credited, namely:- (a) all fees which may be charged by the University; General Fund. Transitional provisions. Corpus Fund. 30 (b) all sums received from any other source; (c) all contributions made by the Sponsoring Body; (d) all contributions or donations made in this behalf by any other person or Body, which are not prohibited by any law for the time being in force. (2) The funds credited to the General Fund shall be applied to meet the following payments, namely:- (a) the repayment of debts including interest charges thereto incurred by the University for the purpose of this Act and the Statutes, and the rules made thereunder; (b) the upkeep of the assets of the University; (c) the payment of the cost of audit of the fund created under this section and section 46; (d) meeting the expenses of any suit or proceedings to which the University is a party; (e) the payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff; (f) the payment of traveling and other allowances of the members of the Board, the Managing Committee, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Statutes, or the rules made thereunder; (g) the payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Statutes or rules of the University. 31 (h) the payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Statutes or the rules; (i) the payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsoring Body for setting up the University and the investments made thereof; (j) the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, and the Statutes, and the rules; (k) the payment of any other expenses including a management fee payable to any organization charged with the responsibility of managing the University on behalf of the Sponsoring Body, as approved by the Managing Committee to be an expense for the purposes of the University: Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Managing Committee without the previous approval of the Managing Committee: Provided further that the General Fund shall be applied for the objects specified under this sub-section with the prior approval of the Managing Committee of the University. 46.(1) The University shall establish a Development Fund to which the following amount shall be credited, namely:- (a) development fees which may be charged from students; (b) all sums received from any other source for the purposes of the development of the University; (c) all contributions made by the Sponsoring Body; (d) all contributions or donations made in this behalf by any other person or Body which are not prohibited by any law for the time being in force; and (e) all incomes received from the Corpus Fund. Development fund . 32 (2) The funds credited to the Development Fund from time to time shall be utilized for the development of the University. 47.The funds established under sections 44, 45 and 46 shall be, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed. 48.(1) The Annual Report of the University shall be prepared under the direction of the Managing Committee and shall be submitted to the Board of for its approval. (2) The Board shall consider the Annual Report in its meeting and may approve the same with or without modification. (3) A copy of the Annual Report duly approved by the Board shall be sent to the visitor and to the State Government on or before the 31st December following closure of the financial year on the 31st March each year. 49.(1) The annual accounts and Balance Sheet of the University shall be prepared under the direction of the Finance Committee and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University. (2) The annual accounts of the University shall be audited by a chartered accountant, who is a member of the Institute of Chartered Accountants of India, every year. (3) A copy of the annual accounts and the Balance Sheet together with the audit report shall be submitted to the Board on or before the 31st December following closure of the financial year on the 31st March each year. (4) The annual accounts, the Balance Sheet and the audit report shall be placed before the Board at its meeting for consideration and approval and the Board shall forward the same to the Visitor and to the State Government on or before the 31st December each year. (5) In the event of any observation relating to deficiencies in financial management in the Report of the Chartered Accountant, the State Annual Report . Maintenance of fund. Account and audit . 33 Government may issue directions to the University, and such directions shall be binding on the University.