Amendment status not verified — confirm the current text below against the official source.
(1) The budget of the University showing the receipt and expenditure of the University on different accounts shall be submitted to the State Government at least three months before the end of the financial year for approval. (2) The State Government shall, at least one month before the end of the financial year, communicate its approval or otherwise of the budget to the University. Annual contribution by State Government. General limitations on financial powers of the University. 325 The Calcutta University Act, 1979. [West Ben. Act (Chapter V.—Funds of the University; Accounts, Audit and Inspection.—Sections 47-49.) (3) If no communication is sent to the University by the State Government within the period as aforesaid, the budget shall be deemed to have been approved by the State Government. (4) Notwithstanding anything to the contrary contained in this Act, the University shall not, except with the prior approval of the State Government, incur any expenditure on any account in excess of the amount specified in the budget on that account: Provided that no such prior approval shall be necessary in respect of any expenditure on any scheme not provided in the budget, if such expenditure is met by the University out of its own resources. Provident 47. Any provident fund instituted by the University for the benefit Fund. of its Teachers, officers or employees shall be governed by the provisions of the Provident Funds Act, 1925, as if such fund were a Government 19 of 1925. Provident Fund and the Syndicate shall have power to frame Ordinances, not inconsistent with the provisions of that Act, for the administration of the fund. Annual Accounts and Audit. Inspection.