Objects for which University Fund shall be applied

(1) The University Fund shall be utilized for the following purposes and in the following order: (a) For payment of debts incurred by the University for the purposes of this Act and the Statutes, Ordinances and Regulations made thereunder; (b) For maintenance of teaching-departments, Schools of Studies, residences and hostels established by the University; (c) For payment of the cost of audit of the University Fund; (d) For the expenses of any such suits or proceedings in which the University is a party; (e) For payment of salaries and allowances of officers and employees of the University and for payment of salaries and allowances of members of the teaching staff employed in the teaching departments and Schools of Studies maintained by the University to further the purposes of this Act, and for payment of any provident fund contributions, gratuity and other benefits to any such officers, employees, members of teaching staff or members of such establishments; (f) For payment of travelling allowances and other allowances to the members of authorities and committees, as may be prescribed; (g) For payment of super-scholarships, scholarships, fellowships and other awards to students; (h) For payment of any expenses incurred by the University in implementing the provisions of this Act and the Statutes, Ordinances and Regulations made thereunder; (i) For payment of any such other expenses not specified in any of the preceding clauses, which may be declared by the Executive Council as expenditure for the purposes of the University. (2) No expenditure exceeding the limits set by the Executive Council for total recurring expenditure and total non-recurring expenditure for the year shall be incurred by the University without the prior approval of the Executive Council. (3) No expenditure other than the expenditure for which provision has been made in the budget shall be incurred by the University without the prior approval of the Executive Council.