Section 25 in The Academy of Scientific and Innovative Research Act, 2011
Title: Funds of Academy.
(1) The Academy shall maintain and retain a fund to which shall be credited—
(a) all fees (including tuition fees) and other charges received by the Academy;
(b) all monies received by the Academy by way of grants, gifts, donations, benefactions, bequests or transfers;
(c) monies for projects undertaken by the Academy;
(d) income from investment made by the Academy or from any other source;
(e) the funds received from the Council of Scientific and Industrial Research, by way of loan or otherwise;
(f) all monies received by the Academy in any other manner or from any other source.
(2) All monies credited to the fund of the Academy shall be deposited in such banks or invested in such manner as the Academy may, with the approval of the Board, decide.
(3) The fund shall be applied for meeting,--
(a) the salaries, allowances and other remuneration of the Chairperson, members of the Board or Faculty, officers and other employees or members of the committees set up by the Academy;
(b) the expenses of the Academy in the discharge of its functions or exercise of its powers under section 8;
(c) the expenses on objects of, and for purposes authorised by, this Act.
(4) All expenditure of the Academy shall be within the framework of a budget approved by the Board.
(1) The Academy shall maintain proper and separate accounts giving therein the details of all receipts in, and, expenditure from, such fund and other relevant particulars.
(2) The accounts referred to in sub-section (1) shall be prepared and got audited before the expiry of six months from the end of each financial year.
(3) The Academy shall submit to the Board and the Council of Scientific and Industrial Research, the accounts referred to in sub-section (1) duly audited under section 27 and signed by the Director, Associate Director in charge of Finance and Associate Director in charge of Administration.
(4) The Council of Scientific and Industrial Research referred to in sub-section (3), the Board and any other person appointed by them in connection with the audit of the accounts of the Academy shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Academy.
Title: Audit of accounts and its publication.
(1) The accounts of the Academy shall, without prejudice to the provisions contained in the Comptroller and Auditor-Generals (Duties, Powers and Conditions of Service) Act, 1971 (56 of 1971), be audited by auditors who may be appointed by the Board for the term of one year and such auditors shall be eligible for re-appointment.
(2) No person shall be eligible to be appointed as an auditor under sub-section (1) unless he is a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949), and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act.
(3) The accounts of the Academy shall, after the completion of the audit under sub-section (1) and submission thereof to the Board and the Council of Scientific and Industrial Research be published on the website of the Academy.
(1) The Statutes of the Academy shall be enacted by the Board.
(2) Without prejudice to the provisions contained in sub-section (1), the Senate may make recommendations for enactment of Statutes to the Board.
(3) The Board may, from time to time, make new Statutes or may amend or repeal or rescind the Statutes with effect from such date as it may direct.
Title: Matters to be provided by Statutes.
Subject to the provisions of this Act, the Statutes may provide for all or any of the matters considered necessary by the Board for functioning of the Academy within the framework of this Act, including the following matters, namely:--
(a) the conferment of degrees and diplomas;
(b) the constitution, powers and functions of the Board of Studies;
(c) the tuition fee and other fees to be charged;
(d) the institution of fellowships, scholarships, medals and prizes;
(e) the term of office and the method of appointment of officers of the Academy;
(f) the qualification of Faculty of the Academy (other than the scientists of the Council of Scientific and Industrial Research engaged in the service of the Academy), officers and other staff of Academy:
Provided that the scientists of the Council of Scientific and Industrial Research engaged in the service of the Academy shall be governed by the qualifications specified by the Council and nothing contained in this Act shall be construed to disqualify them from undertaking the service of the Academy or engaging them as Faculty of the Academy;
(g) the classification, the method of appointment and the determination of the terms and conditions of service of Faculty, officers and other staff of the Academy;
(h) the provision of insurance fund, provident fund and other retirement benefits, for the benefit of the Faculty, officers and other staff of the Academy;
(i) the constitution, powers and duties of authorities of the Academy;
(j) the establishment and maintenance of hostels;
(k) the conditions of residence of students of the Academy and the levying of fees for residence in the hostels and of other charges;
(l) the allowances to be paid to the Chairperson and other members of the Board and any committee constituted by the Academy;
(m) 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;
(n) any other matter which may be required or necessary for the purposes of this Act.