Section 35 in The Punjab Agricultural University Act, 1961
35. Accounts and Audit.
(1)The University shall have a general fund to which shall be credited -(a)[ income from fees, endowments and grants and from properties of the University including hostels, experimental stations and farms] [Substituted by Punjab Act 12 of 1965, section 15.];(b)contributions and grants which may be made by the Government on such conditions which it may impose;(c)other contributions, grants and benefactions.(2)There shall be constituted a Finance Committee which shall consist of -(a)the Vice-Chancellor;(b)the Comptroller;(c)the Secretary to Government, Finance Department; and(d)a member chosen by the Board from amongst the non-official members.(3)The powers and duties of the Finance Committee shall be -(a)to examine the annual accounts of the University and the advise the Board thereon;(b)to examine the annual budget estimates and advise the Board thereon;(c)to review the financial position of the University from time to time;(d)to make recommendations to the University on all matters relating to the finances of the University;(e)to make recommendations to the Board on all proposals involving expenditure for which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget.(4)The accounts and the balance-sheet shall be submitted by the Vice-Chancellor through the Board to the State Government, which shall cause them to be audited by the Examiner, Local Fund Accounts, Punjab.(5)The Accounts, when audited, shall be printed and copies thereof, together with audit report, shall be submitted by the Vice-Chancellor to the Board, which shall forward them to the State Government with such comments as may be deemed necessary and the State Government shall cause a copy of the audited accounts together with its comments to be laid before each house of the State Legislature.
