General fund of the University

General fund of the University.—

1. (1) The University shall have a general fund to which shall be credited,—
   • (a) contributions or grants which may be made by the Government to such fund on such conditions as the Government may impose;
   • (b) the income from fees levied by the University; (c ) the income from endowments, if any;
   • (d) donations made by individuals, institutions, organizations or other bodies for realizing the objects of the University;
   • (e) any contribution or grant made by the Central Government or the University Grants Commission; and
   • (f) all other receipts.
2. (2) The general fund of the University shall be utilized in such manner as may be prescribed by the Statutes for fulfilling the objects of the University.
3. (3) The Government shall every year make the following non-lapsable lump sum grants to the general fund of the University, namely:—
   • (a) a grant not less than the estimated net expenditure of pay and allowances of the staff, and of contingencies and the supplies and services of the University;
   • (b) a grant which is adequate to meet the expenses for programmes of development undertaken by the University with the prior concurrence of the Government; (c ) a grant to meet such additional items of expenditure recurring and non-recurring as the Government find necessary for the proper functioning of the University.
4. (4) The fund shall be kept in a public sector bank or nationalised bank as decided by the Syndicate and shall be operated by Vice-Chancellor, the Registrar or any other officer of the University authorized in this behalf by the Vice-Chancellor.