Borrowing of money

The University may accept money from the Government of India, the State Government, the University Grants Commission and other agencies and also borrow money from a Bank or a Corporation, for the purposes of the University: Provided that where the University intends to borrow money from a Bank or Corporation or both exceeding an amount of Rs. 50,000 at a time or in the aggregate, it shall obtain the prior written approval of the Government therefor. Where no provision is made for a President or Chairman to preside over a meeting of any authority of the University or any Committee of such authority or when the President or Chairman so provided for absent, the members present shall elect one from among themselves to preside at such meeting.