Amendment status not verified — confirm the current text below against the official source.
( t) The University shall have its own funds consisting of— (iv) all monies provided by the Trust; all fees and other Fharges received by the University; all monies received by the University by way of grants, loans. gifts, donations, benefaction, bequests or transfers; all monies received by the University from collaborating with industry in terms of the provisions of the Memorandum of Understanding between the University and 'the Industry.for establishmentof sponsored chairs. fenowships and infrastructure facilities of the University: and all monies received by the University in any other manner or from any other source. (2) All fundsof the Universityshall be depositedin such banks or invested in such manner as the Board may decide on recommendation of the Finance Committee, Searchable PDF created by OCR.space (Free Version) Accounts and Audit, (3) The funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions. (dj There shall be provisions formulated by the Board for reimbursement to the Trust of funds provided by the Trust to the University in order to enable the Trust to carry out its activities. 26.(1) The University shall maintain proper accounts and other records, end prepare an annual statement of accounts. including the income and expenditure account and the balance sheet, in such form and in such manner as may be prescribed by the Regulations. (2) The University shall adopta proper system of internal checks and balances and controls in the discharge of its finance, accounting and auditing functions as may be prescribed by the Regulations. (3) The Accounts of the University shall be audited not less than once a year by a Statutory Auditor who shall be a Chartered Accountant or a firm of Chartered Accountants as defined in the Chartered Accountants Act, 1949, who shall be appointed by the Board, (4) The Accounts of the University certified by the person or firm so appointed or any other person authorized in this behalf. together with the audit report thereon. shall beiplaced before the Board and the Board may issue such instructions to the University in respect thereof as it deems fit and the University shall comply wi*l such instructions. (5) The Accounts of the University shali be audited by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accountants appointed by the Board. to ensure audit of all books of accounts, and such periodic internal audit reports shall be placed before the Board for review. in by of in on dit Searchable PDF created by OCR.space (Free Version) 115 (6) The University shall prepare each year a report of its activities during the previous year and submit it in the form of an annual report to the Board for review and approval. (7) The Board, after due review and approval, shan submit a copy of the Annual Report to the Trust. 27.(1) The University shall. with the approval of the Board, s•on and vidoni constitutefor the benefit of its officers,teachersandother employees. in such manner andsubject to suchconditions,as may beprescribed by the Regulations. such schemes of pensions provident funds and insurance as it may deem fitt and also aid in establishment and support of the associations, institutionst funds. trusts and conveyance calculated to benefit the staff and the students of the University. (2) Where any such provident*fund has been so constitutecL the provisions of the Provident Fund Act. 1925, shall apply to such funds as if it were a Government Provident Fund. i90f