Amendment status not verified — confirm the current text below against the official source.
51. (1) The University shall establish a fund to be called the University Fund. (2) The following shall form part of, or be paid into, the University Fund :- (a) any contribution or grant by the State Government, the Central Government, or the University Grants Commission; (b) the income of the University from all source including income from fees and charges. (c) loans, gifts, donations, endowments, benefactions, bequests and other grants, if any, or transfers; (d) any sum borrowed from the banks with the permission of the State Government; (e) all moneys received by the University in any other manner or from any other source. (3) The University Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Act no.2 of 1934) at the discretion of the Executive Council on the recommendations of Finance Committee. (4) 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 in such manner as may be prescribed. (5) The annual accounts and balance-sheet of the University shall be prepared by the Finance Committee under the direction of the Executive Council and all money accruing to or received by the University from whatever source and all amounts disbursed or paid shall be entered in the accounts maintained by the University. (6) A copy of the annual accounts and the balance-sheet shall be submitted to the State Government which shall cause the same to be audited. (7) The audited annual accounts and the balance-sheet audited shall be printed and copies thereof shall, together with copies of the audit report, be submitted by the Executive Council to the State Government. (8) The Executive Council shall also prepare, before such date as may be prescribed, the budget for the ensuing year. (9) Every item of new expenditure above such amount as may be prescribed, which is proposed to be included in the budget shall be referred by the Executive Council to the Finance Committee which may make recommendations thereon. (10) The Executive Council shall approve the budget finally after considering the recommendations, if any, of the Finance Committee. (11) It shall not be lawful for the Vice-Chancellor or the Executive Council to incur any expenditure:- (a) either not sanctioned in the budget, or in the case of funds granted to the University, subsequent to the sanction of the budget by the State Government or the Government of India or the University Grants Commission or any international organization or Foundation save in accordance with the terms of such grant : Provided that notwithstanding anything in sub-section (7) of section 12, the Vice-Chancellor may, in the case of fire, flood, excessive rainfall or other sudden or unforeseen natural calamities and circumstances, incur nonrecurring expenditure not exceeding rupees five lakhs not sanctioned in the budget and he shall immediately inform the State Government in respect of all such expenditure; (b) on any litigation in opposition to any order of the Chancellor any or order of the State Government made under this Act. (12) Subject to the provisions of this Act, all relevant financial rules of the State Government as laid down in the Financial Handbook shall be applicable.