Application of General Fund

The General Fund shall be used for one or more of the following objects, and in the following order, namely :- (a) the repayment of debts including interest charges there to incurred by the University for the purposes of this Adhiniyam and the Statutes, and the Ordinances and Regulations made thereunder; (b) the upkeep of the assets of the University; (c) the payment of the cost of audit of the funds created under section 7. (d) the meeting expenses of any suit or proceedings to which University is a party ; (e) the payment of salary and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff; (f) the payment of travelling and other allowances of the members of the Governing Body, the Board of Management, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Adhiniyam, or the Statutes, or the Ordinances or the Regulations made thereunder; (g) the payment of fellowships, free-ships, scholarships, assistantships 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 Statutes, Ordinances or Regulations of the University under the provisions of this Adhiniyam; (h) the payment of any expenses incurred by the University in carrying out the provisions of this Adhiniyam, and the Statutes, the Ordinances or the Regulations made thereunder ; (i) the payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsoring Body for setting up the University and the investments made therefor; (j) the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Adhiniyam and the Statutes, Ordinances and the Regulations made thereunder; (k) the payment of any other expenses including a management fee payable to any organization charged with the responsibility of managing 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 nonrecurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management. Provided further that the General Fund shall be applied for the objects specified under clause (a) with the prior approval of the Governing Body of the University.