The University Fund–

35. The University Fund– (1) There shall be a Fund to be called the Jharkhand State Open University Fund and this fund shall vest in the University for the purposes of this Act, subject to the provision contained therein, and the following amounts shall be credited thereto, namely — (i) The seed money contributed or granted to the University from Consolidated Fund of the State of Jharkhand by the State Government, for the purposes of the University and the money borrowed by the University for the purpose of carrying out the provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder: (ii) any contribution or grant by the Central Government, Distance Education Bureau, Industrial Undertakings, Corporations, Companies Associations, other bodies or local authorities; (iii) All money received by and on behalf of the Study Centres and Schools established and maintained by the University including all sums paid to the University under any provision of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder; (iv) All interests and profits arising from endowments made to the University and all contributions, donations and subsidies received from any authority or private person; (v) All fees payable and levied under this Act and the Statutes, Ordinances and Regulations made thereunder; and (vi) All other sums received by the University, not included in clauses (a), (b), (c) (d) and (e). (2) The University fund shall be kept in such scheduled bank within the meaning of the Reserve Bank of India Act, 1934 (II of 1934), or invested in securities authorised by the Indian Trusts Act, 1882 (II of 1882). (3) The University may, from time to time establish such other funds in such name and for such specific purposes as may be decided by the Executive Council. (4) The funds and all moneys of the University shall be managed in such manners as may be prescribed by the Statutes. (5) The University with regard to the purpose and amount of loan may borrow any sum of money from any Nationalised Bank or Scheduled Bank or any other corporate body or any financial institution.