Section 38 in The Assam Agricultural University Act, 1968
38. University funds and grants.
- (A) General funds. - The University shall have a general fund to which it shall be credited-(1)its income from fees, endowments and grants, if any ;(2)constitution or grants which shall be made by the Government on such conditions as it may impose ;(3)grants, donations and benefactions ; and(4)other receipts.(B)Foundation fund. - (1) The University shall have a fund called the Foundation Fund from contribution and grants made by the Central Government and the State Government for being credited to that fund and such other sums from the University which may be credited to the said fund.(2)The nominees in the Foundation Fund shall be invested in the securities mentioned or referred to in Clauses (a) to (d) of Section 19 of the Indian Trust Act, 1882.(3)The University shall furnish statements, accounts, reports and other particulars as the State Government may require relating to any grant made by the Government and shall take such actions and furnish such statements, accounts, reports and other particulars relating to the utilisation of any grants within such time as the State Government may direct.(4)It shall be competent for the University in furtherance to its objectives to accept grants from the Government of Assam or any other State Government or Central Government or Statutory Bodies endowments as donations under such conditions as may be agreed upon between the University and the grantor or donor.(C)Other funds. - The University shall have such other funds as may be prescribed by the Statutes.(D)Management of funds. - The General Fund, Foundation Fund and other funds of the University shall be managed according to provisions laid down by the Statutes.(E)Government grant. - The State Government or Central Government shall every year make non-lapsable lump sum grant to the University as follows :(1)A grant not less than a net expenditure incurred in the State of Assam on such of the activities on the institution of the Agricultural, Animal Husbandry and other Government Departments as transferred to the University ;(2)A grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplied and services of the University other than in respect of the activities in institutions referred to in Clause (1);(3)A grant to meet such additional items of expenditure, recurring and non-recurring, as the State Government may deem necessary also to the proper function of the University ;(4)The Government shall also make a non-lapsable lump sum grant to the University in respect of schemes included in he Five Year Plan and transferred to it for implementation by the University of an amount equal to the net outlay shown in the annual plan. Adjustment may be made for the anticipated assistance from the Central Government and other agencies sponsoring such schemes provided such assistance may come to the University directly rather than through the State Government.
