Preamble

Finance, Annual Account and Annual Report 37. Board’s Fund, Custody and Investment.— (1) The Board shall establish a fund to be called Board’s Fund.

1. (2)The following shall form part of, or paid into, the Board’s Fund:—
   1. (a)all contributions, assignments, loans, grants by the Government, the Central Government and the University Grants Commission, if any;
   2. (b)all income of the Board from any source whatsoever including income from fees, royalties and charges levied by the Board;
   3. (c)all income or moneys from trusts, bequests, donations and endowments or other contributions, if any;
   4. (d)interest on, and sale proceeds of any securities vested in the Board;
   5. (e)any sums borrowed from the banks or other financial institutions, with the permission of the Government; and
   6. (f)other moneys received by or on behalf of the Board.
2. (3)The Board’s Fund shall, at the discretion of the Executive Council, be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Central Act 2 of 1934) or in such other manner as may be prescribed. 38. How Board’s Fund shall be drawn against.— No payment shall be made by a Bank out of the Board’s Fund except upon a cheque or letter of credit signed by an Officer serving under the Board duly authorised by the Board in this behalf. 39. Annual Accounts and Financial Estimates.— (1) The annual accounts of the Board shall be prepared by the Finance Committee under the direction of the Executive Council and shall be audited by the auditors appointed by the Government.
3. (2)The accounts when audited shall be published by the Executive Council and a copy thereof shall, together with the copy of the audit report, be submitted to the Board.
4. (3)The Finance Committee shall prepare, before such date and in such manner as may be prescribed, the budget estimates of income and expenditure for the next financial year.
5. (4)The annual accounts and the estimates as approved by the Executive Council, shall be submitted to the Board which shall consider and approve them with such modifications as it may deem fit.
6. (5)The Board shall, after the approval of budget estimates forward the same to the Government for its approval. The Government may pass such orders with respect to the budget estimates of the Board as it thinks fit, and communicate the same to the Board and the Board shall give effect to such orders. 40. Annual Report.— The annual report of the Board shall be prepared under the direction of the Executive Council and shall be submitted to the Board on or before such date as may be prescribed and which shall be considered by the Board 22[ ]. The Board may pass resolutions thereon and communicate them to the Executive Council which shall consider and take such action thereon as it thinks fit; and the Executive Council shall then inform the Board at its next meeting of the action taken by it or its reasons for taking no action on such resolutions, if any.