INSTITUTE OF CHARTERED
FINANCIAL ANALYSTS OF INDIA UNIVERSITY ACT, 2005 THE INSTITUTE OF CHARTERED FINANCIAL ANALYSTS OF INDIA UNIVERSITY
ACT, 2005 [Act No. 12 of 2005] [13th July, 2005] An Act to establish and incorporate an University in the State
with emphasis on providing high quality and industry relevant education in the
areas of Accounting, Financial Analysis and Management, Business Management,
Applied Sciences and Technology, Law, Education, medical Sciences and related
areas sponsored by the Institute of Chartered Financial Analysts of India
(ICFAI), Hyderabad, Andhra Pradesh and to provide for matters connected
therewith or incidental thereto. Be it enacted by the
Legislature of the State of Meghalaya in the Fifty-sixth Year of the Republic
of India as follows:- (1)
This Act may be called the Institute of Chartered Financial
Analysts of India University Act, 2005 (2)
It shall be deemed to have come into force on the date on which,
the Notification is issued by the State Government. (1)
In this Act, unless the context otherwise indicates: (i)
"Academic Council" means the Academic Council of the University; (ii) "Act"
means the Institute of Chartered Financial Analysts of India University Act,
2005; (iii) "AICTE"
means the All India Council for Technical Education established under Section 3
of the All India Council for Technical Education Act, 1987; (iv) "Affiliated
College" means a college or an institution which is affiliated to the
University; (v) "Annual
Report" means the Annual report of the University as explained in Section
44 of the Act; (vi) "Board
of Governors" means the Board of Governors of the University as explained
in Section 20 of the Act; (vii) "Board
of Management" means the Board of Management of the University as
explained in Section 21 of the Act; (viii) "Chancellor"
means Chancellor of the University as explained in Section 13 of the Act. (ix) "Constituent
College" means a College or an institution maintained by the University; (x) "Development
Fund" means the Development Fund of the University as explained in Section
42 of the Act; (xi) "Distance
Education System" means the system of imparting education through any means
of information technology and communication such as multimedia, broadcasting,
telecasting, online over internet, other interactive methods, e-mail, internet,
computer, interactive talk-back, e-learning, correspondence course, seminar,
contact program or a combination of any two or more of such means; (xii) "Endowment
Fund" means Endowment Fund of the University as explained in Section 40 of
the Act; (xiii) "Employee"
means employee appointed by the University; and includes teachers and other
staff of the University or of a constituent college; (xiv) "Faculty"
means faculty of the University; (xv) "Finance
Officer" means Finance Officer of the University as explained in Section
17 of the Act; (xvi) "General
Fund" means General Fund of the University as explained in Section 41 of
the Act; (xvii) "Prescribed"
means prescribed by the Statutes; (xviii) "Principal"
in relation to a constituent college means the Head of the constituent college
and includes, where there is no Principal, the Vice-Principal or any other
person for the time being appointed to act as Principal; (xix) "regional
Center" means a center established or maintained by the University for the
purpose of coordinating and supervising the work of Study Centres in any region
and for performing such other functions as may be conferred on such center by
the Board of management; (xx) "Registrar"
means Registrar of the University as explained in Section 16 of the Act; (xxi) "Rules"
means the Rules of the University; (xxii) "Sponsor"
means the Institute of Chartered Financial Analysts of India, which is registered
as a Society under the Andhra Pradesh (Telangana Areas) Public Societies
Registration Act, 1350 Fasli (Act 1 of 1350 F) at Hyderabad, Andhra Pradesh
(Registration No. 1602 dated 20th October, 1984); (xxiii) "State"
means the State of Meghalaya; (xxiv) "State
Government" means the State Government of Meghalaya; (xxv)"Statutes"
means the Statutes of the University; (xxvi) "Study
Centre" means a center established, maintained or recognized by the
University for the purpose of advertising, counselling or for rendering any other
assistance including training, conducting contact classes and administering
examinations required by the students; (xxvii) "Teacher"
means a Professor Associate Professor, Assistant Professor/Lecturer or such
other person as may be appointed for imparting instruction or conducting
research in the University or in a constituent college or institution and
includes the Principal of a constituent college or institution, in conformity
with the norms prescribed by the UGC; (xxviii) "The
CFA Charter and Designation" means the Chartered Financial Analysts
Charter and Designation, conferred by the University or by an agency duly
authorized by the University upon the successful candidates of the Chartered
Financial Analysts (CFA) Program administered by the University or by an agency
duly authorized by the University; (xxix) "The
CPA certificate and Designation" means the Certified Public Accountant
Certificate and Designation, conferred by the University or by an agency duly
authorised by the University upon the successful candidates of the Certified
Public Accountant Program administered by the University or by an agency duly
authorised by the University; (xxx)"The
Council of Chartered Financial Analysts" means the Society which is
registered under the Andhra Pradesh (Telangana Area) Public Societies
Registration Act, 1350 Fasli (Act 1 of 1350 F) at Hyderabad, Andhra Pradesh
(Registration No. 1809 dated August 19, 1989); (xxxi) "The
Society of Certified Public Accountants" means the Society which is
registered under the Andhra Pradesh (Telangana Area) Public Societies
Registration Act, 1350 Fasli (Act 1 of 1350 F) at Hyderabad, Andhra Pradesh
(Registration No. 5575 dated August 17, 2001); (xxxii) "UGC"
means the University Grants Commission established under the University Grants
Commission Act, 1956; (xxxiii) "University"
means the Institute of Chartered Financial Analysts of India University,
established under this Act; (xxxiv) "Vice-Chancellor"
means Vice-Chancellor of the University as explained in Section 14 of the Act; (xxxv) Visitors"
means the Visitor of the University as explained in Section 12 of the Act; (xxxvi) "DCI"
means the Dental Council of India; (xxxvii)
"DEC" means the Distance Education Council; (xxxviii)
?"INC" means the
Indian Nursing Council; (xxxix) "MCI"
means the Medical Council of India; (xl)
"NCTE" means the National Council for Teacher Education; (1)
The Sponsor shall have the right to establish the University in
accordance with the provisions of this Act; (2)
An application containing the proposal to establish a University
shall be made to the State Government by the Sponsor;The proposal may contain
the following particulars, namely: (a)
The objects of the University along with the details of the
Sponsor; (b)
The extent and status of the University and the availability of
land; (c)
The nature and type of programs of study and research to be
undertaken in the University during a period of the next five years; (d)
The nature of faculties, course of study and research proposed to
be started; (e)
The campus development such as buildings, equipment ans structural
amenities; (f)
The phased outlays of capital expenditure for a period of the next
five years; (g)
The item-wise recurring expenditure, sources of finance and
estimated expenditure for each student; (h)
The scheme for mobilizing resources and the cost of capital
thereto and the manner of repayments to each source; (i)
The Scheme of generation of funds internally through the recovery
of fee from students, revenues anticipated from consultancy and other
activities relating to the objects of the University and other anticipated
incomes; (j)
The details of expenditure on unit cost, the extent of concessions
or rebates in fee, freeship and scholarship for students belonging to
economically weaker sections and the fee structure indicating varying rate of
fee, if any, that would be levied on non-resident Indians and students of other
nationalities; (k)
The history and credentials of the sponsor including years of
experience and expertise in the concerned discipline at the command of the Sponsor
as well as the financial resources; (l)
The system for selection of students to the courses of study at
the University; (m)
Nature and types of its partnership and affiliations; and (n)
Status of fulfilment of such other conditions as may be required
by the State Government to be fulfilled before the establishment of the
University. (1)
Where the State Government, after such inquiry as it may deem
necessary, is satisfied that the Sponsor has fulfilled the conditions specified
in sub-section (2), of Section 3, it may direct the Sponsor, to establish an
Endowment Fund. (2)
After the establishment of the Endowment Fund, the State
Government may, by notification in the Official Gazette, accord sanction for
establishment of the University. (3)
The campuses of the University shall be at any place within the
State of Meghalaya with its headquarters at Tura, Meghalaya and it may have
campuses or Regional Centres, Study Centres anywhere in India or abroad with
approved of the Government of Meghalaya. (4)
The Chancellor, Vice-Chancellor, members of the Board of
Governors, members of the Board of Management and the Academic Council for the
time being holding office as such in the University so established, shall
constitute a body corporate and can sue and be sued in the name of the
University. (5)
On the establishment of the University under sub-section (2), the
land and other movable and immovable properties acquired, created, arranged or
built by the University for the purpose of the University in the State of
Meghalaya shall vest in the University. (6)
The land, building and other properties acquired for the
University shall not be used for any purpose, other than that for which the
same is acquired. The University shall be
self-financing and shall neither make a demand nor shall be entitled to any
grant in-aid or any other financial assistance from the State Government or any
other body or corporation owned or controlled by the State Government. (1)
The University may have Constituent Colleges, Required Centres and
Study Centres. (2)
The University may with the prior approval of the Board of
Governors, affiliate any college or other institution. The objectives for which
the University is established are as follows:- (a)
To provide instruction, teaching, training and research, in
specialized fields of Finance and Management including Financial Analysis (leading
to the CFA Charter and Designation), Accounting (leading to the CFA Certificate
and Designation), Banking, Insurance, Financial Services, Financial Management,
Business Management, Law, Education, Medical Sciences, various branches of
Science and Technology and related subjects and make provisions for research,
advancement and dissemination of knowledge therein; (b)
To establish a campus in the State of Meghalaya, and to have study
centers, campuses and examination centers at different places in India and
abroad; (c)
To offer continuing and distance education programs; (d)
To institute degrees, diplomas, charters, certificates and other
academic distinctions on the basis of examination, or any other method of
evaluation; (e)
To collaborate with other colleges or universities, research
institutions, industry associations, professional associations including the
Council of Chartered Financial Analysts and the Society of Certified Public
Accountants or any other organization, in India or abroad, to conceptualize, design
and develop specific educational and research programs, training programs and
exchange programs for students faculty members and others; (f)
To disseminate knowledge through seminars, conferences, executive
education programs, community development programs, publications and training
programs; (g)
To undertake programs for the training and development of faculty
members of the University and other institutions in India or abroad; (h)
To undertake collaborative research with any organization in India
or abroad; (i)
To create higher levels of intellectual abilities; (j)
To provide consultancy to industry, Government and Public
Organization. (k)
To ensure that the standard of the degrees, diplomas, charters,
certificates and other academic distinctions are not lower than those laid down
by AICTE/NCTE/UGC/MCI/DEC/DCI/INC and Pharmacy Council of India; (l)
To do all things necessary or expedient to promote the above
objectives; (m)
To pursue any other objective as may be approved by the State
Government. (1)
The University shall have the following powers, namely: (a)
To establish, maintain and recognize such Regional Centres and
Study Centres as may be determined by the University from time to time in the
manner laid down by the statutes; (b)
To carry out all such other activities as may be necessary or
feasible in furtherance of the object of the University; (c)
To confer degrees, diplomas, charters, certificates or other
academic distinctions and professional designations including the CFA Charter
and Designation, the CPA Certificate and Designation in the manner and under
conditions laid down in the Statutes; (d)
To institute and ward fellowship, Scholarships and prizes etc., in
accordance with the Statutes; (e)
To demand and receive such fees, bills, invoices and collect
charges as may be fixed by the Statutes or rules, as the case may be; (f)
To make provisions for extracurricular activities for students and
employees; (g)
To make appointment of the faculty, officers and employees of the
University or a constituent college, affiliated colleges, Regional Centres,
Study Centres located in India and abroad; (h)
To receive donations and gifts of any kind and to acquire, hold,
manage, maintain and dispose of any movable or immovable property, including
trust and endowment properties for the purpose of the University or a
constituent college, or a Regional Centre, Study Centre; (i)
To institute and maintain hails and to recognize places of
residence for students of the University or a constituent college at the main
campus and other campuses in India and abroad; (j)
To supervise and control the residence, and to regulate the
discipline among the students and all categories of employees and to lay down
the conditions of service of such employees, including their Code of Conduct; (k)
To create academic, administrative and support staff and other
necessary posts; (l)
To co-operate and collaborate with other Universities and
Institutions in such a manner and for such purposes as the University may
determine from time to time; (m)
To offer programs on distance learning basis and continuing
education and the manner in which such programs are offered by the University; (n)
To organize and conduct refresher courses, orientation courses,
workshops, seminars and other programs for teachers, developers of course ware,
evaluators and other academic staff; (o)
To determine standards of admission to the University, constituent
colleges, affiliated colleges, regional centers, study centers with the
approval of Academic Council; (p)
To make special provision for students belonging to the State of
Meghalaya for admission in any course of the University or in a constituent
college, affiliated college, regional centre or study centre; (q)
To do all such other acts or things whether incidental to the
powers aforesaid or not, as may be necessary to further the objects of the
University; (r)
To prescribed such courses for Bachelor Degree, Master Degree,
Doctor of Philosophy, Doctor of Science Degrees and Research and such other
Degrees, Diplomas, Charters, Certificates etc; (s)
To provide for the preparation of Instructional materials,
including films, cassettes, tapes, video cassettes, CD, VCD and other software; (t)
To recognize examinations or periods of study (whether in full or
in part) of other Universities, institutions or other places of Higher learning
as equivalent to examinations or periods of study in the University and to
withdraw such recognition at any time; (u)
To raise, collect, subscribe and borrow with the approval of the
Board of Governors whether on the security of the property of the University,
money for the purposes of the University; (v)
To enter into, carry out, vary or cancel contracts; (w)
To do all things necessary or expedient to exercise the above
powers; The University shall be
open to all persons irrespective of class, caste, creed, religion, language or
gender; Provided that nothing in
this section shall be deemed to require the University from making special
provisions for admission students of the State. The University will seek
accreditation from respective national accreditation bodies. The following shall be the
officers of the University: (a)
The Chancellor; (b)
The Vice-Chancellor; (c)
The Registrar; (d)
The Finance Officer; and (e)
Such other offices as may be declared by the Statutes to be
officers of the University. (1)
The Governor of Meghalaya will be the Visitor of the University. (2)
The Visitor shall, when present, preside at the convocation of the
University for conferring Degrees, Diplomas, Charters, Designations and
Certificates. (3)
The Visitor shall have the following powers namely: (a)
To call for any paper or information relating to the affairs of
the University. (b)
On the basis of the information received by the Visitor, if he is
satisfied that any order, proceeding, or decision taken by any authority of the
University is not in conformity with the Act, Regulations, or Rules, he may
issue directions as he may deem fit in the interest of the University and the
directions so issued shall be complied with by all concerned. (1)
The Sponsor shall, with the prior approval of the Visitor, appoint
a person suitable to be appointed as the Chancellor of the University. (2)
The Chancellor so appointed shall hold the office for a period of
five years. (3)
The Chancellor shall be the head of the University. (4)
The Chancellor shall preside at the meeting of the Board of
Governors and shall, when the Visitor is not present, preside at the
convocation of the University for conferring Degrees, Diplomas, Charters,
Designations or Certificates. (5)
The Chancellor shall have the following powers, namely:- (a)
To call for any information or record; (b)
To appoint the Vice-Chancellor; (c)
To remove the Vice-Chancellor; (d)
Such other powers as may be conferred on him by this Act or the
Statutes made there under. (1)
The Vice-Chancellor shall be appointed on such terms and
conditions as may be prescribed by the Statutes for a term of four years by the
Chancellor. (2)
The Vice-Chancellor shall be appointed by the Chancellor from a
panel of three persons recommended by the Board of Government shall hold office
for a term of four years. Provided that, after expiration of the term of four
years, the Vice-Chancellor shall be eligible for re-appointment for another
term not exceeding four years. (3)
The Vice-Chancellor shall be the Principal executive and academic
officer of the University and shall exercise general supervision and control
over the affairs of the University and give effect to the decisions of the
authorities of the University. (4)
If in the opinion of the Vice-Chancellor it is necessary to take
immediate action on any matter for which powers are conferred on any other
authority by or under this Act, he may take such action as he deems necessary
and shall at the earliest opportunity thereafter report his action to such
authority as would have in the ordinary course dealt with the matter: Provided that if in the
opinion of the concerned authority such action should not have been taken by
the Vice-Chancellor, then such case shall be referred to the Chancellor, whose
decision thereon shall be final: Provided further that where
any such action taken by the Vice-Chancellor effects any person in the service
of the University, such person shall be entitled to prefer, within three months
from the date on which such action is communicated to him, an appeal to the
Board of Governors and the Board of Governors may confirm or modify or reverse
the action taken by the Vice-Chancellor. (5)
If in the opinion of the Vice-Chancellor any decision of any
authority of the University is outside the powers conferred by this Act,
Statutes or is likely to be prejudicial to the interest of the University, he
shall request the concerned authority to revise its decision within seven days
from the date of his decision and in case the authority refuses to revise such
action wholly or partly or fails to take any decision within seven days, then
such matter shall be referred to the Chancellor and his decision thereon shall
be final. (6) The
Vice-Chancellor shall exercise such other powers and perform such other duties
as may be laid down by the Statutes or the Rules. (7) The
Vice-Chancellor shall preside at the convocation of the University in the
absence of both, the Visitor and the Chancellor, for conferring Degrees,
Diplomas, Charters, Designations or Certificates. (8)
The Vice-Chancellor is empowered to remove the Vice-Chancellor
after due enquiry. It will be open to the Chancellor to suspend the
Vice-Chancellor during enquiry depending upon the seriousness of the charges,
as he may deem fit. Deans of Faculties shall be
appointed by the Vice-Chancellor in such manner and shall exercise such powers
and perform such duties as may be prescribed by Statutes. (1)
The appointment of the Registrar shall be made in such manner as
may be prescribed by the Statutes. (2)
All contracts shall be signed and all documents and records shall
be authenticated by the Registrar on behalf of the University. (3)
The Registrar shall exercise such other powers and perform such
other duties as may be prescribed or may be required from time to time, by the
Board of Governors. (4)
The Registrar shall be responsible for the due custody of the
records and the common seal of the University and shall be bound to place
before the Chancellor, the Vice-Chancellor or any other authority, all such
information and documents as may be necessary for transaction of their
business. (5)
The Registrar shall exercise such powers and perform such duties
as may be prescribed by the Statutes. The Finance Officer shall
be appointed by the Board of Governors in such manner and shall exercise such
powers and perform such duties as may be prescribed. The manner of appointment,
terms and conditions of service and powers and duties of the other officers of
the University shall be such as may be prescribed. The following shall be
authorised of the University, namely: (a)
The Board of Governors; (b)
The Board of Management; (c)
The Academic Council; (d)
The Finance Committee; and (e)
Such other authorities as may be declared by the Statutes to be
the authorities of the University. (1)
The Board of Governors shall consist of the following (a)
The Chancellor (b)
The Vice-Chancellor (c)
Three persons nominated by the Sponsor; (d)
One representative of the State Government; (e)
An educationist of repute to be nominated by the State Government; (f)
One person of repute from the State to be nominated by the
sponsor; (2)
The Chancellor shall be the Chairman of the Board of Governor. (3)
The Registrar shall be an-officio Secretary of the Board of
Governors. (4)
The Board of Governors shall be supreme authority and principal
governing body of the University and shall have the following powers, namely: (a)
To appoint the Statutory Auditors of the University; (b)
To lay down policies to be persued by the University; (c)
To review decisions of the other authorised of the University if
they are not in conformity with the provisions of this Act, or the Statutes or
the Rules; (d)
To approve the budget and annual report of the University; (e)
To make new or additional Statutes and Rules or amend or repeal
the earlier Statutes and Rules; (f)
To take decision about voluntary winding up of the University; (g)
To approve proposals for submission to the State Government; and (h)
To take such decisions and steps as are found desirable for
effectively carrying out the objects of the University; (5)
The Board of Governors shall meet at least twice in a calendar
year at such time and place as the Chancellor thinks fit; (1)
The Board of Management shall consist of; (a)
The Vice-Chancellor; (b)
The registrar; (c)
Three persons; nominated by the Sponsor; (d)
Two Deans of the faculties as nominated by the Chancellor; (e)
One representative to be nominated by the State Government; (f)
One person of repute from the State to be nominated by the
Sponsor; (2)
The Vice-Chancellor shall be the Chairman of the Board of management
and the Registrar shall be the Secretary of the Board of Management; (3)
The powers and functions of the Board of management shall be such
as may be prescribed. (1)
The Academic Council shall consist of: (a)
The Vice-Chancellor-Chairman (b)
The Registrar-Secretary (c)
The Finance Officer (d)
Such other members as may prescribed in the Statutes. (2)
The Academic Council shall be the principal academic body of the
University and shall, subject to the provisions of this Act, the Statutes and
the Rules, co-ordinate and exercise general supervision over the academic
policies of the University. (1)
The Finance Committee shall consist of: (a)
The Vice-Chancellor-Chairman (b)
The Registrar-Secretary (c)
The Finance Officer (d)
Such other members as may prescribed in the Statutes. (2)
The Finance Committee shall be the principal financial body of the
University to take care of financial matters and shall, subject to the
provisions of this Act, the Statutes and Rules, co-ordinate and exercise
general supervision over the financial matters of the University. The constitution, powers
and functions of the other authorities of the University shall be such as may
be prescribed. No act or proceeding of any
authority of the University shall be invalid merely by reason of the existence
of any vacancy of defect in the constitution of the authority. Subject to the provisions
of this Act, the Statutes may provide for any matter relating to the University
and staff, as given below: (a)
The constitution, powers and functions of the authorities and
other bodies of the University not specified in the Act, as may be constituted
from time to time; (b)
The operation of the endowment fund, the general fund and the
development fund; (c)
The terms and conditions of appointment of the Vice-Chancellor,
the Registrar and the Finance Officer and their powers and functions; (d)
The mode of recruitment and the conditions of service of the other
officers, teachers and employees of the University; (e)
The procedure for resolving disputes between the University and
its officers, faculty members, employees and students. (f)
Creation, abolition or restructuring of departments and faculties (g)
The manner of co-operation with other University or institutions
of higher learning; (h)
The procedure for conferment of honorary degrees; (i)
Provisions regarding grant of freeships and scholarships; (j)
Number of seats in different courses of studies and the procedure
of admission of students to such courses; (k)
The fee chargeable from students for various courses of studies (l)
Institution of fellowships, scholarships, studentships, freeships,
medals and prizes; (m)
Procedure for creation and abolition of posts; (n)
Other matters which may be prescribed (1)
The first Statutes framed by the Board of Governors shall be
submitted to the State Government for its approval, which may, within three
months from the date of receipt of the Statutes give its approval with or
without modifications. (2)
Where the State Government fails to take any decision with respect
to the approval of the Statutes within the period specified under Sub-section
(1) it shall be deemed to have been approved by the State Government. The Board of Governors may,
with the prior approval of the State Government make new or additional Statutes
or amend or repeat the Statutes. Subject to the provisions
of this Act, the Rules may provide for all or any of the following matters,
namely: (a)
Admission of students to the University and their enrolment and continuance
as such; (b)
The courses of study to be laid down for all Degrees, Diplomas,
Certificates, Charters and other academic distinctions of the University; (c)
The award of Degrees, Diplomas, Charters, Certificates and other
academic distinctions of the University; (d)
Creation of new authorities of the University; (e)
Accounting policy and financial procedure; (f)
The conditions of the award of fellowships, scholarships,
studentships, media and prizes; (g)
The conduct of examinations and the conditions and mode of
appointment and duties of examining bodies, examiners, invigilators, tabulators
and moderators; (h)
The fee to be charged for admission to the examinations, Degrees,
Diplomas, Certificates, Charters and other academic distinctions of the University; (i)
Revision of fees; (j)
Alteration of number of seats in different courses and programs; (k)
The conditions of residence of the students at the University or a
constituent college or affiliated college; (l)
Maintenance of discipline among the students of the University or
a constituent college or affiliated college; (m)
All other matters as may be provided in the Statutes and Rules
under the Act; (1)
The Rules shall be made by the Board of Governors and the Rules so
made shall be submitted to the State Government for its approval which may,
within two months from the date of receipt of the Rules, give its approval with
or without modification. (2)
Where the State Government fails to take any decision with respect
to the approval of the Rules within the period specified under sub-section (1),
it shall be deemed to have been approved by the State Government. The Board of Governor may,
with the prior permission of the State Government, make new or additional Rules
or amend or repeal the Rules. (1)
Every employee shall be appointed under a written contract, which
shall be kept in the University and a copy of which shall be furnished to the
employee concerned. (2)
Disciplinary action against the students/employees shall be
governed by procedure prescribed in the Statutes. Every employee or student
of the University or of a constituent College, shall notwithstanding anything contained
in this Act, have a right to appeal within such time as may be prescribed, to
the Board of Management against the decision of any officer or authority of the
University or of the Principal of any such College, and thereupon the Board of
Management may confirm, modify or change the decision appealed against The University shall
constitute for the benefit of its employee such provident or pension fund and
provide such insurance scheme as it may deem fit in such manner and subject to
such conditions as may be prescribed. If any question arises as
to whether any person has been duly elected or appointed as, or is entitled to
be a member of any authority or other body of the University, the matter shall
be referred to the Chancellor whose decision thereon shall be final. Any authority of the
University mentioned in Section 19 will be empowered to constitute a committee
of such authority, consisting of such members as such authority may deem fit,
and having such powers as the authority may deem fit. Any casual vacancy among
the members, other than ex-officio members, of any Authority or body of the
University shall be filled in the same manner in which the member whose vacancy
is to be filled up was chosen, and the person filling the vacancy shall be a
member of such authority or body for the residue of the term for which the
person whose place he/she fills would have been a member. No suit or other legal
proceedings shall lie against any officer or other employee of the University
for anything, which is done in good faith or intended to be taken in pursuance
of the provisions of this Act, the Statutes or the Rules. Notwithstanding anything
contained in any other provisions of this Act and the Statutes: (a)
The first Vice-Chancellor shall be appointed by the Chancellor and
the said officer shall hold office for a term of three years. (b)
The first Registrar and the first Finance Officer shall be
appointed by the Chancellor who shall hold office for a term of three years. (c)
The first Board of Governors shall hold office for a term not
exceeding three years. (d)
The first Board of Management, the first Finance Committee and the
first Academic Council shall be constituted by the Chancellor for a term of
three years. (1)
The University shall establish an endowment fund of at least
Rupees one crore. (2)
The University shall have power to invest the endowment fund in
such manner as may be prescribed. (3)
The University may transfer any amount from the general fund or the
development fund to the endowment fund. Excepting in the dissolution of the
University, in no other circumstances can any monies be transferred from the
endowment fund for other purposes. (4)
Not exceeding 75% of the incomes received from the endowment fund
shall be used for the purposes of development works of the University. The
remaining 25% shall be reinvested into the endowment fund. (1)
The University shall establish a general fund to which the
following amount shall be credited namely: (a)
All fees which may be charged by the University; (b)
All sums received from any other source; (c)
All Contributions made by the Sponsor; (d)
All contributions/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. (a)
The repayment of debts including interest charges thereto incurred
by the University for the purposes of this Act and the Statutes, and the Rules
made there under; (b)
The upkeep of the assets of the University; (c)
The payment of the cost of audit of the fund created under section
41. (d)
Meeting the expenses of any suit or proceedings to which
University is a party; (e)
The 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 contributions, gratuity and other benefits to any
such officers and employees, members of the teaching and research staff; (f)
The payment of travelling and other allowances of the members of
the Board of Governors, the Board of Management, Academic Council, 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 provisions of this Act, or the Statutes, or the Rules made
there under; (g) The
payment of fellowships, freeships, scholarships, assistantships and other
awards to students, research associate or trainees eligible for such awards
under the Statutes, or Rules of the University under the provisions of this
Act; (h) The
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. (i) The
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; (j) The
payment of charges and expenditure relating to the consultancy work undertaken
by the University in pursuance of the provisions of this Act, and the Statutes,
and the Rules made there under; (k) ?The payment of any other expenses including a
management fee payable to any organization charged with the responsibility of
managing the University on behalf of the sponsoring body as approved by the
Board of management to be an expense for the purpose of the University; (l)
?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 Board of Management without the previous approval of the
Board of Management; (m)
Provided further the General fund shall be applied for the objects
specified under sub-section (2) with the prior approval of the Board of
Management of the University. (1)
The University shall also establish a development fund to which
the following funds shall be credited, namely: (a)
Development fees which may be charged from students; (b)
All sums received from any other source for the purpose of the
development of the University; (c)
All contributions made by the Sponsor; (d)
All contributions/donations made in this behalf by any other person
or body which are not prohibited by any law for the time being in force; and (e)
All incomes received from the endowment fund; (2)
The fund credited to the development fund from time to time shall
be utilized for the development of the University. The funds established under
section 40, 41 and 42 shall, subject to general supervision and control of the
Board of Governors, be regulated and maintained in such manner as may be
prescribed. (1)
The annual report of the University shall be prepared under the
direction of the Board of Management and shall be submitted to the Board of
Governors for its approval. (2)
The Board of Governors shall consider the annual report in its
meeting and may approve the same with or without modification. (3)
A copy of the annual report duly approved by the board of
Governors shall be sent to Visitor and the State Government on or before
December 31 following close of the financial year in March 31 each year. (1)
The annual accounts and Balance Sheet of the University shall be
prepared under the direction of the Board of Management and all funds occurring
to or received by the University from whatever source and all amount disbursed
or paid shall be entered in the accounts maintained by the University. (2)
The annual accounts of the University shall be audited by a
Chartered Accountant, who is a member of the Institute of Chartered Accountants
of India, every year; (3)
A copy of the annual accounts and the Balance Sheet together with
the audit report shall be submitted to the Board of Governors on or before
December 31 following close of the financial year in March 31 each year. (4)
The annual accounts, the Balance Sheet and the audit report shall
be considered by the Board of Governors at its meeting and Board of Governors
shall forward the same to the Visitor and the State Government along with its
observations thereon on or before December 31 each year. (5)
In the event of any material qualifications in the Report of the
Audit and the State Government may issue directions to the University, and such
directions shall be binding on the University. A copy of any receipt,
application, notice, order, proceeding or resolution of any authority or
committee of the University or other documents possession of the University or
any entry in any register duly maintained in the University, if certified by
the Registrar, shall be received as pre facie evidence of such receipt, application,
notice, order, proceeds, resolution or document or the existence of entry in
the register and shall admitted as evidence of the matters and transaction
therein recorded when the original thereof would, if produced, have been
admissible in evidence. (1)
If the Sponsor proposes dissolution of the University accordance
with the law governing its constitution or incorporating, it shall give at
least three months notice in writing to the State Government. (2)
On identification of mismanagement, mal-administration,
discipline, failure in the accomplishment of the objects of University and
economic hardships in the management systems of University and the State
Government would issue directions to the management system of University. If
the directions are not followed within such time as may be prescribed, the
right to take decision for winding of the University would vest in the State
Government. (3)
The manner of winding up of the University would be such as may
prescribed by the State Government in this behalf. Provided that such action
will be initiated without affording a reasonable opportunity to show cause to
the Sponsor. (4)
On receipt of the notice referred to in sub-section (1) the State
Government shall, in consultation with the AICTE and UGC make such arrangements
for administration of the University from the proposed date of dissolution of
the University by the Sponsor and until the last batch of students in regular
courses of studies of the University complete their courses of studies in such
manner as may be prescribed by the Statutes. (1)
The expenditure for admission of the University during the taking
over period of its management under section 47 shall be met out of the
endowment fund, the general fund or the development fund. (2)
If the fund referred to sub-section (1) is not sufficient to meet
the expenditure of the University during the taking over period of its
management, such expenditure may be met by disposing of the properties or
assets of the University, by the State Government. Every Statute or Rule made
under this Act shall be laid, as soon as may be after it is made, on the table
of the Legislative Assembly. (1) If any
difficulty arises in giving effect to the provisions of this Act, the State
Government may, by a notification or order, make such provisions, not
inconsistent with the provisions of this Act, as appear to it to be necessary
or expedient, for removing the difficulty; Provided that no
notification or order under sub-section (1) shall, as soon as may be after it
is made, be laid before the State Legislature. (2) Every
order made under sub-section (1) shall, as soon as may be after it is made, be
laid before the State Legislature. Notwithstanding anything
contained in this Act, the establishment, maintenance of standards and any
other matter concerning this University including affiliation of Colleges,
constituent Colleges, Study Centres and Regional Centres shall be subject to
the UGC (Establishment and Maintenance of Standards in Private Universities)
Regulation 2003 as amended from time to time and any other Regulation or
direction as may be issued by the UGC from time to time.
Preamble - INSTITUTE OF CHARTERED FINANCIAL ANALYSTS OF INDIA
UNIVERSITY ACT, 2005PREAMBLE