The Institute of Chartered Financial Analyst of India University Act, 2005 (Act No. 12 of 2005)

No. 
LL(B). 12/2005/18:- The Institute of Chartered Financial Analyst of India University
Act, 2005 (Act No. 12 of 2005) is hereby published for general information.
MEGHALAYA ACT NO. 12 OF 2005
As passed by the Meghalaya Legislative Assembly
Received the assent of the Governor on the 6th July, 2005
(Published in the Gazette of Meghalaya Extra-Ordinary, issued dated 13th July, 2005)
THE INSTITUTE OF CHARTERED FINANCIAL ANALYSTS OF INDIA
UNIVERSITY ACT, 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:-
CHAPTER 1
Preliminary
Short title and 1 (1) This Act may be called the Institute of Chartered Financial
commencement 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.
Definitions 2 (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;
ii
i) “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 End owment 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 cente r established or
maintained by the University for the purpose of co-
ordinating 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 (Talangana Areas) Public Societies
Regsitration 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;
xxvi
ii) “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” mean s 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
(Talangana 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 Charte red 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;
CHAPTER 2
The University and its Objects
Proposal for the 3 (1) The Sponsor shall have the right to establish the University
establishment of the in accordance with the provisions of this Act;
University
(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.
Establishment of 4 (1) Where the State Government, after such inquiry as it may
University 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.
University not to be 5 The University shall be self-financing and shall neither make a
entitled to financial demand nor shall be entitled to any grant in-aid or any other
assistance financial assistance from the State Government or any other
body or corporation owned or controlled by the State
Government.
Constituent Colleges 6 (1) The University may have Constituent Colleges, Required
and Affiliated Centres and Study Centres.
Colleges
(2) The University may with the prior approval of the Board of
Governors, affiliate any college or other institution.
Objects of the 7 The objectives for which the University is established are as
University 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.
Powers of the 8 1. The University shall have the following powers, namely:
University
(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;
University open to all 9 The University shall be open to all persons irrespective of class,
classes, castes, creed, caste, creed, religion, language or gender;
religion, language and
gender Provided that nothing in this section shall be deemed to require
the University from making special provisions for admission
students of the State.
National 10 The University will seek accreditation from respective national
Accreditation accreditation bodies.
CH
APTER 3
Officers of the University
Officers of the 11 The following shall be the officers of the University:
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.
The Visitor 12 (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.
The Chancellor 13 (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.
The Vice-Chancellor 14 (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:
Pr
ovided 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 15 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.
The Registrar 16 (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 17 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.
Other Officers 18 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.
CHAPTER 4
Authorities of the University
Authorities of the 19 The following shall be authorised of the University, namely:
University
(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.
The Board of 20 (1) The Board of Governors shall consist of the following
Governors and its (a) The Chancellor
powers
(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;
The Board of 21 (1) The Board of Management shall consist of;
Management
(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.
The Academic 22 (1) The Academic Council shall consist of:
Council
(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.
The Finance 23 (1) The Finance Committee shall consist of:
Committee (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.
Ot
her Authorities 24 The constitution, powers and functions of the other authorities
of the University shall be such as may be prescribed.
Proceedings not 25 No act or proceeding of any authority of the University shall be
invalidated on invalid merely by reason of the existence of any vacancy of
account of vacancy defect in the constitution of the authority.
CHAPTER 5
Statutes and Rules
Statutes 26 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
Statutes how made 27 (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.
Power to amend the 28 The Board of Governors may, with the prior approval of the
Statutes State Government make new or additional Statutes or amend or
repeat the Statutes.
Rules 29 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;
Rules how made 30 (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.
Power to amend 31 The Board of Governor may, with the prior permission of the
Rules State Government, make new or additional Rules or amend or
repeal the Rules.
CH
APTER 6
Miscellaneous
Conditions of service 32 (1) Every employee shall be appointed under a written
of employees 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.
Right to appeal 33 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
Provident fund and 34 The University shall constitute for the benefit of its employee
pension 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.
Disputes as to 35 If any question arises as to whether any person has been duly
constitution of elected or appointed as, or is entitled to be a member of any
University authorities authority or other body of the University, the matter shall be
and bodies referred to the Chancellor whose decision thereon shall be
final.
Constitution of 36 Any authority of the University mentioned in Section 19 will
committees. 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.
Filling of casual 37 Any casual vacancy among the members, other than ex-officio
vacancies 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.
Protection of action 38 No suit or other legal proceedings shall lie against any officer
taken in good faith 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.
Tr
ansitional provisions 39 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.
Endowment Fund 40 (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.
General Fund 41 (1) The University shall establish a general fund to which the
following amount shall be credited namely:
(a) All fees which may ne 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.
Development fund 42 (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.
Maintenance of fund 43 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.
Annua
l Report 44 (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.
Account and Audit 45 (1) The annual accounts and Balance Sheet of the University
shall be prepared under the direction of the Board of
Management and all funds acurring 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.
Mode of proof of 46 A copy of any receipt, application, notice, order, proceeding or
University record 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 prifacie 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 transanction therein
re
corded when the original thereof would, if produced, have
been admissible in evidence.
Dissolution of 47 (1) If the Sponsor proposes dissolution of the University
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.
Expenditure of the 48 (1) The expenditure for admission of the University during the
University during taking over period of its management under section 47
dissolution 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.
Laying of Statutes and 49 Every Statute or Rule made under this Act shall be laid, as
Rules soon as may be after it is made, on the table of the Legislative
Assembly.
Re
moval of difficulties 50 (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 ne 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.
University to be subject 51 Notwithstanding anything contained in this Act, the
to Standard of UGC 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.
L. M. SANGMA
Deputy Secretary to the Govt. of Meghalaya
Law (B) Department.

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