Section 21 in The National Institutes of Technology, Science Education and Research Act, 2007
Title: Fund of Institute
(1) Every Institute shall maintain a Fund to which shall be credited,--
(a) all moneys provided by the Central Government;
(b) all fees and other charges received by the Institute;
(c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and
(d) all moneys received by the Institute in any other manner or from any other source.
(2) All moneys credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as the Institute may, with the approval of the Central Government, decide.
(3) 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.
Title: Accounts and audit
(1) Every 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 specified by notification, by the Central Government in consultation with the Comptroller and Auditor-General of India.
(2) The accounts of every 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 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.
(4) The accounts of every 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 in accordance with such procedure as may be laid down by the Central Government.
Title: Pension and provident fund
Every Institute shall 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 prescribed by the Statutes.
All appointments of the staff of every Institute, except that of the Director 1***, shall be made in accordance with the procedure laid down in the Statutes, by—
(a) the Board, if the appointment is made on the academic staff in the post of Lecturer or above or if the appointment is made on the non-academic staff in any cadre the maximum of the pay scale for which exceeds rupees ten thousand five hundred;
(b) the Director, in any other case.
1. The words "and Deputy Director" omitted by Act of 28 of 2012, s.12 (w. e. f 7-6-2012).
Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely:--
(a) the conferment of honorary degrees;
(b) the formation of departments of teaching:
(c) the fees to be charged for courses of study in the Institute and for admission to the examinations of degrees and diplomas of the Institute;
(d) the institution of fellowships, scholarships, exhibitions, medals and prizes.
(e) the term of office and the method of appointment of officers of the institute;
(f) the qualifications of teachers of the Institute;
(g) the classification, the method of appointment and the determination of the terms and conditions of service of teachers and other staff of the Institute;
(h) the constitution of pension, insurance and provident funds for the benefit of the officers, teachers and other staff of the Institute;
(i) the constitution, powers and duties of the authorities of the Institute;
(j) the establishment and maintenance of halls and hostels;
(k) 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;
(l) the allowances to be paid to the Chairperson and members of the Board;
(m) the authentication of the orders and decisions of the Board; and
(n) 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.