Chapter V FINANCES

34.

1. (1) The University shall establish a fund to be called the University fund.
2. (2) The following shall form part of, or be paid into the University fund:-
   • (a) any rent, contribution or grant by Central or State Government or any body corporate;
   • (b) trusts, bequests, donations, endowments and other grants, if any;
   • (c) the income of the University from all sources including income from fees and charges;
   • (d) all other sums received by the University.
3. (3) The University Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (No. 2 of 1934) or invested in securities authorized by the Indian Trusts Act, 1882 (No. 1 of 1882), at the discretion of the Executive Council.
4. (4) Nothing in this section shall, in any way, affect any obligations accepted by or imposed upon the University by any declaration of trust executed by or on behalf of the University for the administration of any trust.

35.

1. (1) The University Fund shall be applicable to the following objects and in the following order:-
   • (a) to the repayment of debts incurred by the University for the purpose of this Act and the Statutes, Ordinances and Regulations made thereunder;
   • (b) to the upkeep of colleges, teaching departments and schools of studies established by the University, residences and hostels;
   • (c) to the payment of the cost of audit of the University Fund;
   • (d) to the expenses of any suit or proceedings to which University is a party;
   • (e) to the payment of salaries and allowances of the officers and employees of the University, members of the teaching staff and the establishment employed in the colleges maintained by the University for and in furtherance of the purposes of this Act, and the Statutes, Ordinances and Regulations made thereunder and to the payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching staff or the members of such establishment;
   • (f) to the payment of the traveling and other allowances of the members of the Executive Council, the Academic Council and any other authorities of the University or the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act and the Statutes, Ordinances and Regulations made thereunder;
   • (g) to the payment of fellowships, scholarships, studentships and other awards to students;
   • (h) to the payment of any expenses incurred by the University in carrying out the provisions of this Act and the Statutes, Ordinances and the Regulations made thereunder;
     • (i) to the payment of any other expenses not specified in any of the preceding clauses declared by the Executive Council to be the expenses for the purpose of the University.
2. (2) No expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year fixed by the Executive Council without the previous approval of the Executive Council.
3. (3) No expenditure other than that provided for in the budget shall be incurred by the University without the previous approval of the Executive Council.

41 .(1) The authorities, committees and other bodies of University constituted by or under this Act may make regulations, subject to the provisions of this Act, the Statutes and the Ordinances-

1. (a) laying down the procedure to be observed at their meeting and the number of members required to form a quorum : Provided that until Regulations providing for quorum are made, the quorum to constitute a meeting of any authority, committee or other body of the University shall be the number forming the majority of the members constituting such authority, committee or other body of the University for the time being;
2. (b) providing for all matters which, by this Act, the Statutes or the Ordinances, are to be prescribed by Regulations; and
3. (c) providing for all other matters solely concerning such authority, or other body or the committees appointed by them and not provided for by this Act, the Statutes or the Ordinances.

1. (2) Every authority, committee and body of the University shall make regulations providing for the giving of notice to the members of such authority, committee or body of the date of meeting and of the business to be considered at meeting and for keeping the minutes of the meeting.
2. (3) The Executive Council can modify or annul any Regulations made under this section by any authority, committee or body, other then the Court : Provided that any authority, committee or body of the University which is not satisfied with any modification or annulment may appeal to the Chancellor whose decision in this matter shall be final.