University Fund

(1) The University shall establish a fund to be called the University Fund to which shall be credited, namely:- (a) any contribution or grant by the State Government, Central Government, University Grants Commission, industrial Undertakings, Corporations, Companies, Associations, other bodies or local authorities; (b) any income of the University from all sources including income from fees and charges and sale proceeds; (c) bequests, donations, endowments and other grants, if any, received by the University; and (d) 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 Executive Council with the prior consultations with the Government regarding establishment of such funds. (3) The fund shall be kept in Nationalised or Scheduled Bank or invested in such securities as may be decided by the Executive Council. (4) The funds and all moneys of the University shall be managed in such manners as may be prescribed by the Statutes. (5) The University may, with previous sanction 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. (6) The University shall prepare the financial estimate of receipts and expenditure of the University in such manner as may be prescribed by the Statute. (7) The Executive Council shall consider the estimates so prepared and approve them with or without modification. (8) The University shall submit such estimates as approved by the Executive Council to the Government for the purpose of providing the annual grant. (9) The Government may pass such order with reference to the said approved estimates as it thinks fit and communicate the same to the University which shall give effect to such order. (10) The Executive Council may, in urgent cases where expenditure in excess of the amounts provided for in the budget is found to be necessary, for reasons to be recorded in writing, incur such expenditure.