Vidhi Codex

section 39

General Fund

ASBM University, Odisha Act, 2019
Education201950 sections5 chapters
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Chapter 5 MISCELLANEOUS

Statutory text
  1. (1) The University shall establish a General Fund to which the following amount shall be credited, namely: —
    • (a) all fees which may be charged by the University;
    • (b) all sums received from any other source;
    • (c) all contributions made by the Sponsoring Body;
    • (d) all contributions or donations made in this behalf by any other person or body, which are not prohibited by any law for the time being in force; and
    • (e) all incomes received from the Endowment Fund subject to the provisions of the sub-section
  2. (5) of section 38.
  3. (2) The funds credited to the General Fund shall be applied to meet the following payments, namely: —
    • (a) the repayment of debts including interest charges thereto incurred by the University for the purposes of this Act and the Regulations, and the Rules made thereunder;
    • (b) the upkeep of the assets of the University;
    • (c) the payment of the cost of audit of the fund;
    • (d) meeting the expenses of any suit or proceedings to which the University is a party;
    • (e) the payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff;
    • (f) the payment of travelling and other allowances/expenses of the members of the Board of Governors, Academic Council, and other authorities so declared under the Regulations of the University and of the members of any Committee appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Regulations, or the Rules made thereunder;
    • (g) the payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Rules or Regulations of the University;
    • (h) the payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Rules or the Regulations;
      • (i) the payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsoring Body for setting up the University and the investments made thereof;
    • (j) the payment of charges and expenditures relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, the Rules, and the Regulations;
    • (k) the payment of any other expenses including management fee payable to any organisation charged with the responsibility of managing the University on behalf of the Sponsoring Body : Provided that, 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 as may be fixed by the Board without the previous approval of the Board : Provided further that, the General Fund shall be applied for the objectives specified under sub-section (2).
    • (l) Expenditure is to be made towards other development of the University.

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