Funds of University

(1) The University shall have its own funds consisting of - (i) all moneys provided by the trust; (ii) all fees and other charges received by the University; (iii) all moneys received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfers; (iv) all moneys received by the University from the collaborating Industry in terms of the provisions of the Memorandum of Understanding between the University and the Industry for establishment of sponsored chairs, fellowships and infrastructure facilities of the University, under the intimation to the State Government. (2) All funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on recommendation of the Finance Committee. (3) The funds of the University shall be applied towards the expense of the University including expenses incurred in the exercise of its powers and discharge of its function.