Amendment status not verified — confirm the current text below against the official source.
(1) The annual report of the University shall be prepared by the Board of Management which shall include among other matters, the steps taken by the University towards the fulfilment of its objects and shall be approved by the Governing Body and copy of the same shall be submitted to the sponsoring body. (2) Copies of the annual report prepared under sub-section (1) shall also be presented to the Government. The University shall constitute Provident Fund and Pension for the benefit of its employees and provide such insurance scheme as it may deem fit in such manner and subject to such conditions as may be prescribed. lf any question arises as to whether any person has been duly elected or appointed as, or is entitled to be a member of any authority or another body of the University, the matter shall be referred to the Chancellor whose decision shall be final. No suit or other legal proceedings shall lie against any officer or another employee of the University for anything, which is done in good faith or intended to be done in pursuance of the provision of this Act, the Statutes or the Regulations. Notwithstanding anything contained in any other provisions of this Act, the Statutes or the Ordinances, (a) the First Vice-Chancellor shall be appointed by the Chancellor and the said officer shall hold office for a term of three years; (b) the First Registrar and the First Finance Officer shall be appointed by the Chancellor shall and hold office for a term of three years; (c) the First Board of Governors shall hold office for a term not exceeding three years; (d) the First Board of Management, the First Finance Committee and the First Academic Council shall be constituted by the Chancellor for a term of three years. (1) The sponsoring body shall establish an Endowment Fund for the University with an amount of surplus one crore, which shall be pledged to the Government once the day to day operation of the University take place. (2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes or ordinances made thereunder. (3) The Government shall have the powers to forfeit, in the prescribed manner, a part or whole of the Endowment Fund in case the University or the sponsoring body contravenes any of the provisions of this Act, rules, statutes, ordinances or regulations made thereunder.