Chapter VI FINANCE

(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- (i) any contribution or grant made by the State Government, Central Government or an agency of the Central Government; (ii) any bequests, donations, endowments or other grants made by any private individual or institution; (iii) income received by the University from all the, sources including income from fees and charges; and (iv) amounts received from any other source. (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. (4) The University Fund shall be utilised for such purposes of the University and in such manner as may be prescribed by the Statutes.

Notwithstanding anything contained in this Act or the regulations, whenever the University receives funds from any Government or other agencies sponsoring a scheme to be executed by the University, - (1) The amount received shall be kept by the University in separate account and shall be utilised for the purpose of the scheme; and (2) The staff required to execute such scheme shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organization.