The funds and all moneys of the University shall be managed in such manner as may be prescribed.

Grants 24. The Government shall, every year, make non-lapsable lump sum grants to the University as follows :--

1. (a) a grant not less than the net expenditure incurred in the financial year immediately preceding the appointed day in respect of the activities of the institutions of engineering, technology and allied sciences which are transferred to the University ;
2. (b) a grant not less than the estimated expenditure on pay and allowances of the staff, contingencies, supplies and services of the University ;
3. (c) a grant to meet such additional items of expenditure, recurring and non-recurring, as the Government may deem necessary for the proper functioning and development of the University.