Section 40 in Bihar State Universities (Patna, University of Bihar, Bhagalpur and Ranchi) Act, 1960
40. Annual estimates of income and expenditure of colleges and University.
(1)The Principal of every college shall prepare in the prescribed form an estimate 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 governing body or managing committee of the college either without alteration or with such alterations as it thinks fit and a copy of the estimate so sanctioned shall be submitted by the college to the Syndicate on or before such date as may be prescribed by the Statutes.(2)(i)On receipt of the estimate under sub-section (1) it shall forthwith the referred by the Syndicate to the Finance Committee for scrutiny and report and 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 college and submit a report to the Syndicate within such time as may be prescribed by the Statutes.(ii)The Syndicate shall forthwith take into consideration the report of the Finance Committee and return the estimate to the college for rectification of such defects therein, if any, as to the Syndicate may appear necessary or desirable.(3)The Finance Committee shall prepare the annual estimates of income and expenditure of the University for the next ensuing financial year and shall, on or before such date as may be prescribed by the Statutes, forward the same together with a memorandum containing explanatory notes thereon to the Syndicate which may approve the estimate either without alteration or with such alterations as it thinks fit and the estimates so approved be the Syndicate shall be laid before the Senate at its annual meeting.(4)Every estimate prepared under sub-section (3) shall make provisions for the due fulfilment of all the liabilities of the University including the allotment of grants to the colleges in accordance with the rules framed by the State Government under sub-section (2) of section 39 and for the efficient administration of the 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.
