Application of General Fund

The General Fund shall be utilized for the following objects, namely:- (a) for the repayment of debts including interest charges thereto incurred by the University for the purposes of this Act and the Statutes, Ordinances, Regulations and rules made thereunder; (b) to upkeep of the assets of the University; (c) for the payment of the cost of audit of the funds created under sections 11 and 12; (d) for the meeting expenses of any suit or proceedings to which University is a party ; (e) for the payment of salaries and allowances of the officers and employees of the University and members of the teaching and research staff, and for payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, and members of the teaching and research staff as may be prescribed; (f) for the payment of travelling and other allowances of the members of the Governing Body, the Board of Management, the Academic Council, and other authorities so declared under the Statutes of the University and of the members of any committee appointed by any of the authorities or by the Chairperson of the sponsoring body or the Vice-Chancellor, as the case may be, of the University in pursuance of any provision of this Act, or the Statutes, Ordinances, Regulations or rules made thereunder; (g) for the payment of fellowships, freeships, scholarships, assistance ship and other awards to students belonging to economically weaker sections of the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards under the Statues, Ordinances, Regulations or rules made under the provisions of this Act; (h) for the payment of any expenses incurred by the University in carrying out the provision soft his Actor the Statutes, Ordinances, Regulations or rules made thereunder; (i) for the payment of cost of capital, not exceeding the prevailing bank rates of interest, incurred by the sponsoring body for setting up the University and the investments made therefor; (j) for the payment of charges and expenditure relating to the consultancy work under taken by the University in pursuance of the provisions of this Act and the rules, Statutes or Ordinances made thereunder; (k) for the payment of any other expenses including service fee payable to any organization charged with the responsibility of providing any specific service, including the managerial services to the University, on behalf of the sponsoring body, as approved by the Board of Management to be an expense for the purposes of the University: Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year, as may be fixed by the Board of Management, without the prior approval of the Board of Management; Provided further that the General Fund shall, for the objects specified under sub-clause (a), be applied with the prior approval of the Governing Body of the University.