Chapter V UNIVERSITY FUNDS, ETC.

The University shall have such other funds and maintain such accounts as the Executive Council may determine on the recommendation of the Finance Committee.

The University may accept moneys from the Government of India, the State Government, the University Grants Commission 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 a 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.

The University shall not without the prior approval of the Government, divert earmarked funds for other purposes or upgrade any post or revise the scales of pay of its staff or implement any schemes which involve any matching contribution from the Government or create a post or posts resulting in recurring liability on the Government either immediately or in future: Provided that the Executive Council may authorise the creation and filling up of posts of teachers or a period not exceeding one year but any such post or posts shall not be continued or created afresh for any period beyond the said period of one year without prior approval of the Government.

The Government may, at any time after the commencement of this Act, transfer to the University, the control and management of any of the institutions on such terms and conditions as may be deemed proper.