Fund of the University

Fund of the University.-

1. (1) The University shall maintain a fund to which shall be credited,-
   • (a) all moneys provided by the State and Central Governments;
   • (b) all fees and other charges received by the University;
   • (c) all moneys received by the University by way of grants, gifts, donations, benefactions, bequests or transfers;
   • (d) all moneys received by the University from utilization of intellectual property arising from research conducted or rendering advisory or consultancy services by it; and
   • (e) all moneys received by the University in any other manner or from any other source.
2. (2) All moneys credited to the fund of the University shall be deposited in such banks or invested in such manner as may be laid down by the Board by Regulations.
3. (3) The University shall create a corpus fund for long term sustainability of the University, to which shall be credited such percentage of the net income of the University and donations made specifically towards such corpus fund as the State Government may in accordance with the provisions of the Income tax Act notify: Provided that, the Board may also create endowment funds for specific purposes to which donations may be specifically made.
4. (4) The fund of the University shall be applied in such manner and for such purposes as may be specified by the Regulations (towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions etc.).
5. (5) No part of the income of the University shall be utilized directly or indirectly for the benefit of any officers or authority of the University or any other person who has made substantial contribution to it or of any relative of such officer or authority or person or any relative of such authority of person has a substantial interest.