Amendment status not verified — confirm the current text below against the official source.
21 Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management. Provided further that the General fund shall be applied for the objects specified under sub section (2) with the prior approval of the Board of management of the University (1) The University shall also establish a development fund to which the following funds shall be credited, namely: (a) Development fees which may be charged from students, (b) All sums received from any other source for the purposes of the development of the University, (c) All contributions made by the Sponsor; (d) All contributions/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 (e) All incomes received from the endowment fund (2) The funds credited to the development fund from time to time shall be utilized for the development of the University. The funds established under sections 40, 41 and 42 shall subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed (1) The annual repos 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 Visitor and the State Government on or before December 31 following close of the financial year in March 31 each year. Account and audit ( 1) The annual accounts and Balance Sheet of the University shall 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 45 Mode of proof of University record Dissolution of” University 22 (2) The annual accounts of the University shall be audited by a chartered accountant, who is a member of the Institute of Chartered Accountants of India, every year. (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 December 31 following close of the financial year in March 31 each year. (4) The annual accounts, the Balance Sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its observations thereon on or before December 31 each year. (5) In the event of any material qualifications in the Report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.