Amendment status not verified — confirm the current text below against the official source.
ACCOUNTS AND AUDIT (1) The annual accounts and balance shall 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 by the Statutes, prepare the budget for the ensuing year. (3) The annual accounts and the budget prepared by the Comptroller shall be placed before the Board for approval and the Board 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. * Substituted by the Mohanlal Sukhadia University (Amendment) Act, 2013 No. 9 of 2013. 27 * ** (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 Board 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 way he issued by the State government on the audit report. 40 A. 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 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 Stale Government. Explanation. - The above conditions 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. 40-B. 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 ay 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 * New Section added by the Mohanlal Sukhadia University (Amendment) Act, 2013 No. 9 of 2013. ** New Section added by the Mohanlal Sukhadia University (Amendment) Act, 2013 No. 9 of 2013. 28 University has become insecure, it may, by a notification, declare that the finances of the University shall be subject to the controls of the State Government and shall issue such other directions as it may deem fit for the purpose and the same shall be binding on the University.