University Fund and Government Grant

General199146 sections8 chapters

Chapter VI UNIVERSITY FUND, ETC.

Statutory text

(1) The University shall establish a Fund to be called the University Fund.
(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 by 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) The Government shall ordinarily make an annual grant of Rs. Two Crores. The said grant shall be released in two installments during the year. The first instalments shall be payable in the beginning of the year and the second instalment shall be payable after an interval of six months.
(4) The University Fund shall kept in any Schedule Bank as defined in the Reserve Bank of India Act, 1934 (No. 2 of 1934) or vested in securities authorised by the Indian Trusts Acts, 1882 (No. 2 of 1882) at the discretion of the Board.
(5) 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.

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