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 Central Government, State 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: (d) any sum borrowed from the banks with the previous permission of the State Government. (3) All moneys credited to the fund of the University shall be deposited in any of the Scheduled Banks as defined in the Reserve Bank of India Act, 1934, or surplus fund shall be invested in such manner as the Board on the recommendation of the Finance Committee or as per the directions of the State Government issued from time to time in this behalf. (4) No money from the University Fund shall be spent except as otherwise provided for meetings its objectives without prior approval of concerned sanctioning authority.