Amendment status not verified — confirm the current text below against the official source.
University Funds.-(1) There shall be a general fund of the University to which all such incomes, fees and other receipts shall be credited under appropriate heads, as may be prescribed. (2) The money received as contribution, aid or grant from the Central Government or the State Government or any other money received from anyone else, as may be directed by the Board, shall be credited to the Pratisthan Nidhi of the University. (3) The whole or any part of the money, deposited in the Pratisthan Nidhi of the University, may be spent in such manner and for such purposes, as may be prescribed, or invested in such securities as are specified in Section 20 of the Indian Trusts Act, 1882 (Central Act 2 of 1882). (4) Such statements, accounts, reports or other particulars relating to the utilization of any grant, aid or contribution given or made by the Central Government or the State Government shall be furnished to the said Government, as may be required from time to time. (5) The General Fund of the Pratisthan Nidhi and other funds of the University shall be kept, managed and dealt with in accordance with the provisions of the statutes as may be made from time to time. 1[32-A. Accounts and Audit.- (1) The annual accounts and balance sheet of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor and all moneys accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts. (2) The Comptroller shall, before such date as may be prescribed 1 Inserted by Act No 34 of 2013 31 by the Statutes, prepare the annual financial estimates for the ensuing year. (3) The annual accounts and the annual financial estimates prepared by the Comptroller shall be placed before the Executive Council together with the remarks of the Finance Committee for approval and the Executive Council may pass resolution with reference thereto and communicate the same to the Comptroller who shall take action in accordance therewith. (4) The annual accounts shall be audited in the prescribed manner by such auditors as the State Government may direct and the cost of such audit shall be a charge on the University fund. (5) The accounts when audited shall be printed and copies thereof, together with the audit report, shall be submitted by the Vice- Chancellor to the Executive Council which shall forward them to the State Government with such comments as may be deemed necessary. (6) The University shall settle objections raised in the audit and carry out such instructions as may be issued by the State Government on the audit report. 32-B.Control of the State Government.-Where the State Government funds are involved, the University shall abide by the terms and conditions attached to the sanction of such funds which may inter alia include prior permission of the State Government in respect of the following, namely:- (a) creation of the new posts of teachers, officers or other employees; (b) revision of the pay, allowances, post-retirement benefits and other benefits to its teachers, officers and other employees; (c) grant of any additional/special pay, allowance or other extra 32 remuneration of any description whatsoever, including ex- gratia payment or other benefits having financial implications, to any of its teachers, officers or other employees; (d) diversion of any earmarked funds other than the purpose for which it was received; (e) transfer by sale, lease, mortgage or otherwise of immovable property; (f) incur expenditure on any development work from the funds received from the State Government for any purposes other than for which the funds are received; and (g) take any decision resulting in increased financial liability, direct or indirect, for the State Government. Explanation:- The above condition shall also apply in respect of the posts created from any other fund, which may, in the long term, be likely to cause financial implications to the State Government. 32-C. Assumption of financial control by the State Government as emergency measure.- (1) The State Government shall have the right to cause an inquiry to be made, by such person or persons as it may direct, and to issue directions to the University, in respect of any matter connected with the finances of the University, where State Government funds are concerned. (2) If the State Government is satisfied that owing to mal- administration or financial mismanagement in the University a situation has arisen whereby financial stability of the University has become insecure, it may by a notification, declare that the finances of the University shall be subject to the control of the State Government and shall issue such other directions as it may deem fit for the purpose and 33 the same shall be binding on the University.]