Amendment status not verified — confirm the current text below against the official source.
The University shall have a fund to be known as the University Fund to which shall be credited all its income from fees, fines, contributions, grants, donations, loans and advances and from any other source whatsoever. The University may also create, by Ordinances made in this behalf, separate special funds for the administration of endowments, trusts or specific grants or grants for other special purposes. Geneal 41. (1) The budget of the University showing the receipt and limitation of financial expenditure of the University on different accounts for a financial year powers of shall be submitted to the State Government for approval at least four the months before the beginning of such financial year in such form as may University. be specified by the State Government. (2) The State Government shall, within fifteen days of commencement of the financial year to which the budget relates, communicate its approval or otherwise of the budget to the University: Provided that the State Government shall, from time to time, release grants to the University to incur expenditure till the budget is approved. (3) 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. Provident 42. Any Provident Fund instituted by the University for the benefit Fund. of its employees shall be governed by the provisions of the Provident Funds Act, 1925, as if such Fund were a Government Provident Fund and the Executive Council shall have power to frame Ordinances, not inconsistent with the provisions of that Act, for the administration of the Fund. 19 011925. 428 The Kalyani University Act, 1981. XL of 1981.] (Chapter V.—Funds of the University, Accounts, Audit. and Inspection.—SeCtions 43, 44.) Annual Accounts and Audit. Inspection.