Lawgist25Funds 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.
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- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment of Academy of Scientific and Innovative Research
- 4 Object of Academy
- 5 Relationship of Academy with Council of Scientific and Industrial Research
- 6 Declaration of Academy as an institution of national importance
- 7 Transfer of assets, liabilities, etc., of existing Academy to Academy established under this Act and other provisions, etc
- 8 Functions and powers of Academy
- 9 Academy open to all castes, creed, race or class
- 10 Authorities of Academy
- 11 Composition of Board of Governors
- 12 Appointment of Chairperson
- 13 Nomination of distinguished scientists or academicians of global eminence, eminent industrialists or technologists and heads of three premier institutions in the field of imparting education in science and technology
- 14 Nomination of distinguished scientists or outstanding scientists of Council of Scientific and Industrial Research or Directors of Council of Scientific and Industrial Research laboratories
- 15 Allowances payable to members of Board
- 16 Term of office of members of Board
- 17 Powers of Board
- 18 Senate
- 19 Powers of Senate
- 20 Chancellor of Academy
- 21 Director of Academy
- 22 Appointment and duty of Director of Academy, etc
- 23 Associate Directors
- 24 Powers of other authorities
- 25 Funds of Academy
- 26 Accounts
- 27 Audit of accounts and its publication
- 28 Statutes
- 29 Matters to be provided by Statutes
- 30 Ordinances
- 31 Review of functioning of Academy
- 32 Appointments
- 33 Conditions of service
- 34 Arbitration
- 35 Resignation, removal and suspension of Chairperson and other Member or Director
- 36 Meetings
- 37 Vacancies, etc., not to invalidate acts or proceedings of Board, Academy or any other body
- 38 Power to remove difficulties
