Funds of University

Education200739 sections

Statutory text

(1) The University shall have its own funds consisting of --
- (i) the monies provided by the Society;
- (ii) fees and other charges received by the University;
- (iii) the monies received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfer;
- (iv) the monies received by the University from the collaborating industries in terms of the provisions of the Memorandum of Understanding entered between the University and the industry for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and
- (v) the monies received by the University from any other source.
(2) All funds of the University shall be deposited in such bank or invested in such manner as the Board may decide on the recommendation of the Finance Committee.
(3) The Funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.

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