Objects to which University Fund may be applied

(1) The University shall establish a Fund to be called the University fund. (2) The following shall form part of or be paid into the University Fund: (a) any loan, contribution or grant by Central or State Government or any body corporate; (b) trusts, bequests, donations, endowments and other grants if any; (c) the income of the University from all sources including income from fees and charges; (d) all other sums received by the University. (3) The University Fund shall be kept in any nationalised Bank. (4) The University fund shall be applicable to the following objects: (a) repayment of debts incurred by the University for the purposes of this Act and the Statute Ordinance and Regulation made thereunder; (b) up-keep of the property of the University including the departments, regional centres, study centres, and the hostels; (c) payment of cost of audit of the University Fund; (d) expenses of any suit or proceedings to which University is a party; (e) payment of salaries and allowances of the teaching and non-teaching staff of the University, Regional study centres and departments maintained by the University and in furtherance of the purposes of this Act, Statute, Ordinance and Regulation made thereunder and to the payment of other benefits; (f) payment of travelling and other allowances of the members of the authorities of the University in pursuance of any provisions of this Act and the Statute Ordinance and Regulation made thereunder; (g) payment of fellowships, scholarships and other awards to the students; (h) payment of any expenses incurred by the University in carrying out the provisions of this Act and the Statute, Ordinance, and Regulation made thereunder; (i) payment of any other expenses not specified in any of the preceding clauses declared by the Executive Council to be the expense for the purposes of the University. (2) No expense shall be incurred by the University in excess of the limits for recurring and non-recurring expenditure for the year fixed by the Executive Council. (3) No expenditure other than that provided for in the budget shall be incurred by the University without the previous approval of the Executive Council.