University Fund

(1) The University shall establish a fund to be called the University Fund to which the following shall be credited, namely:— (a) any contribution or grant by the State Government, Central Government, Distance Education Council, Indira Gandhi National Open University, Industrial Undertakings, Corporations, Companies, Associations, other bodies or authorities; (b) any income of the University from all sources including income from fees and charges and sale proceeds, bequests, donations, endowments and other grants, if any, received by the University; and (c) miscellaneous receipts. (2) 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 Board of Management in consultations with the Government. (3) The fund shall be kept in a Nationalised Bank or Scheduled Bank or invested in such securities as may be decided by the Board of Management. (4) The funds and all moneys of the University shall be managed in such manners as may be prescribed by the Statutes. (5) University may, with previous approval of the Government as regards the purpose and amount of loan, and subject to such conditions as may be specified by the Government as to security and rate of interest, borrow any sum of money from any Nationalised Bank or Scheduled Bank or any other corporate body or any financial institution.