Section 37 in The Nalanda Open University Act, 1995
37. Annual estimates of income and expenditure of study centres.
(1)The head of each department and the coordinator of every study centre shall, if required to do so, prepare in the described form an estima4e of its probable income including income from endowments and bequests, if any, and expenditure for the next ensuing financial year and the same shall be considered and sanctioned by the Executive Council either without alteration or with such alterations as it thinks fit.(2)(i)On receipt of the estimate under sub-section (1) it shall forthwith be referred by the Vice-Chancellor to the Finance Committee for scrutiny and report. Thereupon the Finance Committee shall scrutinise every item of the estimate and in particular the portion of the estimate relating to grants in-aid to the department or the study centre and submit along with a report to the Executive Council as may be prescribed by the Statutes.(ii)The Executive Council shall forthwith consider the estimate and the report of the Finance Committee and return the estimate to the department or the study centre for rectification of defects therein, if any.(3)The Finance Committee shall prepare the annual estimate of income and expenditure of the University for the ensuing financial year and shall on or before such date as may be prescribed forward the same together with a memorandum containing explanatory notes thereon to the Executive Council which may approve the estimates either without alteration or with such alteration as it thinks fit.(4)Every estimate prepared under sub-section (3) shall in accordance with the directions given by the State Government, make provisions for the due fulfilment of all the liabilities of the University including the allotment of grants to the departments and study centres and for the efficient administration of this Act and the Statutes, the Ordinances, the Regulations and the Rules made thereunder.(5)Every estimate under this section shall be prepared in such form and shall contain such details as may be prescribed by the Statutes.
