Section 41 in North East Adventist University Act, 2015
41. General Fund.
(1)The University shall establish a General Fund to which the following amount shall be credited:(i)All fees charged by the University;(ii)All sums received from any other source;(iii)All contributions made by the Sponsor;(iv)All contributions or donations made in this behalf by any other person or body which are not prohibited by any law for the time being in force.(2)The funds credited to the General Fund shall be applied to meet the following payments:(i)Repayment of debts including interest charges incurred by the University for the purposes of this Act, the Statutes, and Rules made thereunder;(ii)Upkeep of the assets of the University;(iii)Payment of the cost of audit;(iv)Meeting the expenses of any suit or proceedings to which University is a party;(v)Payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund, contribution to pension, gratuity or other benefits to any such officers, employees, and members of the teaching and research staff;(vi)Payment of travelling and other allowances of the members of the Board of Governors, Board of Management, Academic Council, Finance Committee, and other authorities so declared under the Statutes of the University and of the members of any committee or board appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Statutes or the Rules made there under;(vii)Payment of fellowship, scholarship, assistant ship and other awards to students, research associates or trainees eligible for such awards under the Statutes or Rules of the University, or under the provisions of this Act;(viii)Payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Statutes or the Rules made there under;(ix)Payment of cost of capital not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof;(x)Payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, the Statutes, and the Rules made there under;(xi)Payment of any other expenses including management fee payable to any organization charged with the responsibility of managing the University on behalf of the Sponsor as approved by the Board of Management to be an expense for the purposes of the University;(xii)Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Finance Committee or the Board of Governors without the previous approval of the Finance Committee or by the Board of Governors;(xiii)Provided further that the General Fund shall be applied for the objects specified under sub Section(2)with the approval of the Finance Committee of the University.
