Section 29 in University of Heatlh Sciences, Karnal Act, 2016
29. Funds and Accounts.
(1)The University shall have a general fund to which shall be credited:-(a)the present finance/funding from the Government which shall continue as such, in addition to the enhanced budget for creation and functioning of University in form of grant-in-aid every year;(b)its income from fees, other income generated from Kalpana Chawla Government Medical College, Karnal, endowment, donations, gifts and grants; and any other income accruing to University;(c)any contributions or grant made by the Government on such conditions, as may be imposed by the Government;(d)any contribution or grant made by the Central Government, the University Grants Commission, International Donor Agencies like the World Health Organization and United Nations International Children's Emergency Fund etc.(2)The University may have such other funds, as may be prescribed by the Statutes.(3)The University may, for any of the purposes prescribed by the Statutes, borrow money from a bank or a corporation. If the total amount borrowed exceeds one crore rupees, prior approval of the Chancellor shall be obtained.(4)All the funds of University shall be managed in such manner, as may be prescribed by the Statutes.(5)The Government shall have power to order special audit of the accounts of University by such auditors, as it may direct under special circumstances.(6)The annual accounts and the balance sheet of the University shall be prepared under the directions of the Executive Council and shall once at least be audited every year and at intervals of not more than fifteen months by the Director, Local Audit, Haryana or any other auditor that may be appointed by the Government. The annual accounts when audited shall be published in the Haryana Government Gazette and a copy of the annual accounts along with the report of the Director, Local Audit, Haryana or the auditor shall be submitted to the Court and the Chancellor along with the observations of the Executive Council. Any observation made by the Chancellor on the annual accounts shall be brought to the notice of the Court and observations of the Court, if any, after being considered by the Executive Council, be submitted to the Chancellor.(7)The annual accounts and the balance sheet of the University shall also be submitted to the Government at the time of its submission to the Chancellor.(8)The Vice-Chancellor shall cause to be prepared on or before such date, as may be prescribed, financial estimates of University for the ensuing year and submit the same to the Executive Council for approval.(9)The Executive Council may approve the financial estimates with such modifications, as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Executive Council.
