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, Union Government, or the University Grants Commission; (b) the income of the University from all sources including income from fees and charges; (c) bequests, donations, endowments and other grants, if any. (3) The University Fund shall be kept in any scheduled bank as defined in the Reserve Bank of India Act, 1934, or in a co-operative bank approved by the State Government for the purpose or invested in securities authorised by the Indian Trusts Act, 1882, at the discretion of the Syndicate. (4) Any grant given by the Government of India for the purpose of Post-Graduate Teaching and Research shall be applied for meeting— (a) expenses incurred for that purpose; and (b) expenses incurred by the Board of Post-Graduate Teaching and Research in exercise of its powers and performance of its duties under section 20B.