Chapter 9 Fund, Account and Audit of the Academy

Chapter 9 Fund, Account and Audit of the Academy
28. Fund of the Academy:

(1) There shall be a separate fund of the Academy.
(2) The fund as referred to in Sub-section (1) shall consist the following amounts:
(a) Amounts received from Government of Nepal,
(b) The amount received from educational fees and
service fees,
(c) The amount received as assistance or loan from
national and foreign individual, associations,
institutions or foreign government,
(d) Amount to be received from any other source.
(2) While receiving any amount from foreign individual,
association, institution or government pursuant to Clause (c) of Subsection
(1), the Academy shall have to obtain approval of
Government of Nepal.
(3) The amount of the fund of the Academy shall be deposited
in an account opened in the commercial bank.
(4) All expenditure of the Academy shall be borne by the fund
pursuant to Sub-section (1).
(5) The fund and account of the Academy shall be operated as
prescribed.
29. Accounts and Auditing: (1) The accounts of incomes and
expenditures of the Academy shall be maintained as per prevailing
laws.
(2) The audit of the accounts of the Academy shall be carried
out by the Auditor General or auditor as prescribed by Auditor
General.