Section 55. The Private University shall grant diplomas, junior degrees, degrees or high diplomas in the field of study after the Minister with the advice of the Board of Committee grants accreditation to the academic standard in the field of study taught at that Private University.

Application for recognition and accreditation of the academic standard shall be in accordance with the criteria, procedures and conditions prescribed in the Ministerial Regulations.

Provisions for any level of degrees in any field of study with their abbreviations shall be in accordance with the regulations prescribed by the Board of Committee.

Section 56. The University Council with the approval of the Board of Committee may issue regulations for granting a Bachelor Degree with first class or second class honors to its graduates.

Section 57. The University Council shall issue regulations for the Private University to grant certificates, junior degrees or higher diplomas for its graduates as follows:
(1) Certificates for completion of studies in a particular field.
(2) Junior Degrees for completion in any field of study before receiving a bachelor degree or for completion of all courses of study for a bachelor degree but with a cumulative grade point average lower than the standard required by the Bachelor Degree level but not lower than the standard specified by the Ministerial Regulations.
(3) High Diplomas for graduates in any field of study after having been granted a degree.

Section 58. The Private University shall have the powers to confer honorary degrees on persons whom the Private University deems qualified to received such degrees; however, it shall not confer such degrees to its own Members of the University Council, faculties or staff.

The level of degrees in any field of study and criteria for conferment for honorary degrees shall be in accordance with the provisions in the Ministerial Regulations.

Section 59. The Private University may provide an academic gown and pin as insignia indicating the academic standing of a person who has received an diploma, junior degree, degree and higher diploma and also the title gown for Members of the University Council, executives and faculties of the Private University.

The description, type, category and accouterments of the academic gown and pin shall be in accordance with the provisions in the Ministerial Regulations of the Private University.

The occasions and conditions for use of the academic gown and pin as well as the title gown shall be in accordance with the regulations of the Private University.

Chapter 5
Assets and Accounting

Section 60. The Capital of the Private University shall consist of funds and assets as stated in the provision when it was established together with the funds and assets to be obtained later.

Sources of Capital of the Private University in accordance with Paragraph One include
(1) Capital of the License consisting of funds and assets as stated in the Provisions when it was first established as well as additional funds and assets obtained later.
(2) Capital from donations consisting of funds and assets donated or contributed to the Private University stipulating specifically for the use of the interests.
(3) Cumulative Capital consisting of funds and other assets obtained from past performance of the Private University activities.

Section 61. The Private University shall allocate its Funds into different categories having the following characteristics and objectives:
(1) General Funds comprising funds and assets allocated for general administration of the Private University.
(2) Permanent Assets Funds comprising all types of permanent assets used in common for general administration of the Private University that include additional funds allocated for construction and innovations of the permanent assets but not including other specific permanent assets.
(3) Research Funds comprising other funds and assets allocated for research and development for new knowledge and for supporting research work as well as new inventions.
(4) Technology and Library Funds comprising other funds and assets allocated for the purchase of books, journals, teaching media, equipment, instrument, technology and other assets used in the library.
(5) Human Resource Development Funds comprising other funds and assets allocated for scholarship and training of faculties and staff of the Private University in accordance with the Provisions of the Private University.
(6) Aiding Funds comprising other funds and assets allocated for scholarship of students or other assistance for the students that include welfare for full-time faculties and staff of the Private University and other assistance in accordance with the provisions of the Private University.
(7) Fixed Capital or other Funds that comprise other funds or assets allocated for use according to other objectives as deemed necessary and appropriate by the University Council.

Allocation for each type of funds shall be in accordance with the regulations of the Private University.

Section 62. Revenues of the Private University comprise
(1) Benefit Funds, Tuition Fees, Maintenance fees, charges, fines, and other service fees of the Private University.
(2) Other funds and assets contributed or donated to the Private University without any specific condition for use of its interests.
(3) Subsidiary Funds from the State.
(4) Revenues or benefits from investment and assets of the Private University.
(5) Other revenues and benefits.

Revenues of the Private University shall be considered to be revenues of the General Funds except revenues from other specific funds shall be considered as revenues of those funds.

Revenues from donation that exceed the amount prescribed by the Board of Committee require an annual expenditure plan and accounting with its balance sheet to bring forward the balance for expenditure in the next period.

Section 63. The Private University must allocate all its revenues and assets in accordance with the objectives as stated in Section 8 and in accordance with the objectives specified by the donors.

Section 64. At the beginning of every academic year, the Private University must provide enough money in all types of funds for its administration. If any fund has not enough money, sufficient amount shall be transferred from the General Funds.

In case there is not enough General Fund to be allocated in accordance with Paragraph One, The Licensee must provide enough additional fund for its administration.

Section 65. The Private University shall prepare accounts in accordance with international standard and criteria as prescribed by the Board of Committee.

Section 66. When it appears that the revenues of the Funds exceed the annual expenditure, the Rector shall propose to the University Council to proceed as follows:
(1) To transfer the excess revenue over the annual expenditure of the General Fund to any other Funds that are in deficit.
(2) To allocate the balance of the transfer in (1) in the amount not less than sixty percent to other types of funds and not more than thirty percent to the Licensee, keeping at least ten percent of the balance for the administration of the General Funds.

Section 67. The Rector shall be responsible for the preparation of the Annual Balance Sheet to be audited by the Auditor before presenting to the University Council.

After the Annual Balance Sheet has been approved by the University Council, the Rector shall send the balance sheet with the auditing reports to the Office of Higher Education Commission within one hundred and twenty days from the expiry of the accounting period.

Section 68. The University Council shall annually appoint a licensed Auditor to be the Auditor of the Private University.

Section 69. The Private University Auditor shall have the power to examine the accounts, documents and various evidences of the Private University that include questioning for clarifications from the University Council Members, the Rector and staff officers of the Private University to submit additional accounts, documents and evidences of the Private University when deemed necessary.

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