Authorities and officers of the University

The authorities of the University and their composition, powers, functions and other matters relating to them and the officers of University and their appointment, powers, functions and other matters relating to them and all other matters relating to the finances, powers, teaching, administration and management of the affairs of the University shall be governed by the provisions as specified in the Schedule and subject to the provisions of this Act shall also be governed by the regulations as may be made under the provisions of this Act. (1) There shall be a University Fund which shall include,- (a)any contribution or grant made by the State Government; (b)any contribution or grant made by the University Grants Commission or the Central Government; (c) any contribution made by the Bar Council of India; (d) any contribution made by the Bar Council of India Trust; (e) any contribution made by the State Bar Council; (f) any bequests, donations, endowments or other grants made by any private individual or institution; (f) income received by the University from fees and charges; and (g) amounts received from any other source. (2) The amount of the said Fund shall be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Central Act No. 2 of 1934), or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act No. 5 of 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act No. 40 of 1980) or may be invested in such securities authorized by the Indian Trust Act, 1982 (Central Act No. II of 1882), as may be decided by the Executive Council. (3) The said fund may be utilized for such purpose of the University and in such manner as may be prescribed by regulations.