University Fund.

(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 contribution or grant by the State Government,

(b) the income of the University from all sources including income from fees and charges,

(c) bequest, donations, endowments and other grants, if any.

(3) The University Fund shall be kept in any corresponding new bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and approved by the State Government for the purpose or invested in securities authorised by the Trusts Act, 1882 at the discretion of the Board.