Amendment status not verified — confirm the current text below against the official source.
Fund (1) The University shall also establish a Development Fund to which the following amount shall be credited, namely:- (a) (b) (c) (d) (e) all sums received from any other source for the purposes of the development of the University; all contributions made by the Sponsoring Body; 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 subject to the provisions of sub-section (5) of Section 45, incomes received from the Corpus Fund. development fees which may be charged from students; (2) The amount credited to the Development Fund from time to time shall be utilized for the development of the University. Maintenance 48.The funds established under sections 45, 46 and 47 shall be, subject of fund. to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed. 26 Annual Report. 49.(1) The Annual Report of the University shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval. (2) The Board of Governors 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 of Governors shall be sent to the Visitor and to the State Government on or before 31st December following closure of the financial year on the 31st March each year. Account and 50.(1) The Annual Accounts and Balance Sheet of the University shall R be prepared under the direction of the Board of Management 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 every year by a chartered accountant, who is a member of the Institute of Chartered Accountants of India. (3) A copy of the Annual Accounts and the Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before the 31%' December following closure of the financial year on the 31% March each year. (4) The Annual Accounts, the Balance Sheet and the audit report shall be placed before the Board of Governors at its meeting for consideration and approval and the Board of Governors 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 Government may issue directions to the University, and such directions shall be binding on the University. Mode of 51.A copy of any receipt, application, notice, order, proceeding or Efi;’y resolution of any authority or committee of the University or other documents in possession of the University or any entry in any register duly maintained by the University, if certified by the Registrar, shall be received as prima facie evidence of such receipt, application, notice, order, proceeding, resolution or document existence of entry in the register and shall be admitted as evidence Dissolution of University. 27 of the matters and transaction therein recorded where the original thereof would, if produced, have been admissible in evidence.