General fund

(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 Sponsor; (d) all contributions/donations made in this behalf by any other person or body, which are not prohibited by any law for the time being in force. (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, the Statutes 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 created under section 41; (d) meeting the expenses of any suit or proceedings to which 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 of the members of the Board of Governors, the Board of Management, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act or the Statutes 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 Statutes or rules of the University under the provisions of this Act; (h) the payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Statutes or the rules made thereunder; (i) the payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof; (j) the payment of charges and expenditure relating to the consultancy work undertaken by the university in pursuance of the provisions of this Act, and the Statutes, and the rules made thereunder: 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 years as may be fixed by the Board of Management without the previous approval of the Board of Management: Provided further that the General fund shall be applied to the objects specified under sub-section (2) with the prior approval of the Board of Management of the University.