Section 27 in The Indian Institutes of Information Technology (Publicprivate Partnership) Act 2017
Title: Fund of Institute
(1) Every Institute shall maintain a Fund to which shall be credited—
(a) all monies provided by the Central Government or the State Government or industry partner, as the case may be;
(b) all fees and other charges received by the Institute from students;
(c) all monies received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all monies received by the Institute from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and
(e) all monies received by the Institute in any other manner or from any other source.
(2) The Fund of every Institute shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act, furtherance of research in the Institute or in collaboration with other educational institutions or industry and for capital investment aimed at the growth and development of the Institute.
(3) All monies credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as the Institute may, with approval of the Board, decide.
(4) Each Institute shall create a corpus fund for long term sustainability of the Institute, to which shall be credited such per cent. of the net income of the Institute and donations made specifically towards such corpus fund as the Central Government may, in accordance with the provisions of the Income-tax Act, 1961 (43 of 1961), notify:
Provided that the Board may also create endowment funds for specific purpose to which donations may be specifically made.
Title: Accounts and audit
(1) Every Institute shall maintain proper accounts and other relevant records and prepare annual statement of accounts including the balance sheet in such form and accounting standard as may be specified by notification, by the Central Government in consultation with the Comptroller and Auditor-General of India.
(2) Where the statement of income and expenditure and the balance sheet of the Institute do not comply with the accounting standards, the Institute shall disclose in its statement of income and expenditure and balance sheet, the following, namely:—
(a) the deviation from the accounting standards;
(b) the reasons for such deviation; and
(c) the financial effect, if any, arising out due to such deviation.
(3) The accounts of every Institute shall be audited by the Comptroller and Auditor-General of India or any other person in accordance with the provisions of the extant rules and any expenditure incurred by audit team in connection with such audit shall be payable by the Institute to the Comptroller and Auditor-General of India or such person.
(4) The Comptroller and Auditor-General of India and any person appointed in connection with the audit of the accounts of any Institute shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts and, in particular shall have the rights to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the Institute.
(5) The accounts of every Institute as certified by the Comptroller and Auditor-General of India or any other person appointed in this behalf together with the audit report thereon shall be forwarded annually to the Central Government.
Title: Pension and provident fund
Every Institute may constitute for the benefit of its employees such provident or pension fund or provide such insurance scheme as it may deem fit in such manner and subject to such conditions as may be laid down by the Statutes.
All appointments of the staff of every Institute, except that of the Director, shall be made in accordance with the procedure laid down in the Statutes
Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely:—
(a) the formation of departments of teaching;
(b) the institution of fellowships, scholarships, exhibitions, medals and prizes;
(c) the terms of office and the method of appointment of officers of the Institute;
(d) the qualifications of teachers of the Institute;
(e) the classification, method of appointment and the determination of the terms and conditions of service of teachers and other staff of the Institute;
(f) the constitution of pension, insurance and provident funds for the benefit of the officers, teachers and other staff of the Institute as per the provisions existing from time to time;
(g) the constitution, powers and duties of the authorities of the Institute;
(h) the establishment and maintenance of halls and hostels;
(i) the conditions of residence of students of the Institute and the levying of fees for residence in the halls and hostels and of other charges;
(j) the allowances to be paid to the Chairperson and members of the Board;
(k) the authentication of the orders and decisions of the Board;
(l) the meetings of the Board, the Senate, or any committee, the quorum at such meetings and the procedure to be followed in the conduct of their business; and
(m) any other matter as may be considered necessary for the efficient functioning of the Institute.