Funds and grants.- (1) General Fund.- The University shall have

(1) General Fund.- The University shall have a General Fund to which shall be credited-- (i) income from fees, endowments, grants and from properties of the University including hostels, experimental stations and farms; (ii) contribution or grants which shall be made by the Government on such conditions as it may impose; (iii) grants, donations and benefactions; and (iv) other receipts. (2) Foundation Fund (i) the University shall form a fund called the Foundation Fund from contribution and grants made by the State Government for being credited to that fund and such other sums from the University which may be credited to the said fund; (ii) the money in the Foundation Fund shall be invested in the securities mentioned or referred to in clauses (a) to (d) of section 20 of the Indian Trusts Act, 1882 (2 of 1882); (iii) it shall be competent for the University in furtherance of its objectives, to accept grants from any State Government or statutory body and endowments or donations under such conditions as may be agreed upon between the University and the grantor or the donor. (3) Management of Funds.- The General Fund, Foundation Fund and other funds of the University shall be managed according to such provisions as may be laid down by the Statutes. (4) Government Grants.- Subject to availability of funds, the State Government shall every year make non-lapsable lump sum grants to the University as follows:- (a) a grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplies and services of the University; and (b) an annual increase in grant to meet such additional items of expenditure, recurring and non-recurring, as per requirements of the University, on account of new schemes and programmes, revision of pay scales, increments, increase in dearness and other allowances payable to the staff.