Removal of Doubts

For the purpose of removal of doubts, it is hereby declared that nothing in this Act shall be construed as transferring from the Manipal Pai Foundation to the University such rights of ownership or possession, if any, possessed by the said Foundation over or in respect of the Institutes established by it or its predecessor. (1) There shall be a fund for the University which shall include;- (a) any contribution or grant made by the Manipal Pai Foundation, Manipal Dakshna Kannada, Karnataka; (b) any contribution or grant made by the State Government of Sikkim; (c) any contribution or grant made by the University Grants Commis- sions or Central Government; (d) any contribution or grant made by the Medical Council of India: (e) any bequests, donations, endowments or other grants made by the private individuals or institutions; (f) income received by the University from fees and charges; and (g) amounts received from any other sources. (2) Tile amount in the sai~ fund shall be.kept in a Scheduled Bank as defined by theReserve Bank of India Act, 1934 or in the corresponding new Bank constituted under the Banking Companies (Acquisition and Transfer of Undertak- ings) Act, 1980 or may be invested in such securities authorised by the Indian Trusts Act, 1882, as may be decided by the Governing Council. (3) Tile fund may be operated for such purposes of University and in such manner as may be prescribed by regulations.