Section 25 in The Rajiv Gandhi Institute of Petroleum Technology Act, 2007
Title: Setting up of endowment fund
Notwithstanding anything contained in section 24, the Institute may,--
(a) set up an endowment fund and any other fund for a specified purpose; and
(b) transfer money from its fund to the endowment fund or any other fund.
Title: Accounts and audit
(1) The Institute shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet, in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.
(2) The accounts of the Institute shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in Connection with such audit shall be payable by the Institute to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the 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 right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the Institute.
(4) The accounts of the Institute as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
Title: Pension and provident fund
(1) The Institute shall constitute for the benefit of its employees, including the Director, such pension, insurance and provident fund scheme as it deems fit, in such manner and subject to such conditions as may be provided by the Statutes.
(2) Where any such provident fund has been so constituted, the Central Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925), shall apply to such fund as if it were a Government provident fund.
All appointments of the staff of the Institute, except that of the Director shall be made in accordance with the procedure laid down in the Statutes,--
(a) by the Board, if the appointment is made on the academic staff in the post of Assistant Professor or above or if the appointment is made on the non-academic staff in any cadre, the maximum of the pay-scale for which is the same or higher than that of Assistant Professor; and
(b) by the Director, in any other case.
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 and other academic units;
(b) the institution of fellowships, scholarships, exhibitions, medals and prizes;
(c) the classification of posts, term of office, method of appointment, powers and duties and other terms and conditions of service of the officers of the Institute including the President, the Director, the Registrar, and such other officers as may be declared as officers of the Institute by the Statutes;
(d) the classification, the method of appointment and the determination of the terms and conditions of service of officers, teachers and other staff of the Institute;
(e) the reservation of posts for the Scheduled Castes, the Scheduled Tribes and other categories of persons as may be determined by the Central Government;
(f) the constitution of pension, insurance and provident funds for the benefit of the officers, teachers and other staff of the Institute;
(g) the constitution, powers and duties of the other authorities of the Institute referred in clause (d) of section 14;
(h) the delegation of power;
(i) the code of conduct, disciplinary actions thereto for misconduct including removal from service of employees on account of misconduct and the procedure for appeal against the actions of an officer or authority of the Institute;
(j) the conferment of honorary degrees;
(k) the establishment and maintenance of halls, residences and hostels;
(l) the authentication of the orders and decisions of the Board; and
(m) any other matter which by this Act is to be, or may be, provided by the Statutes.