Fund of the Council.

(1) The Council shall have its own fund consisting of the grants from Government voted by the Legislature of the State towards grants to Universities, and Colleges and Grants received from Central Government for higher education and such other funds as may be received by the Council from any other source. (2) The Government may pay to the Council in each financial year such sums as may be considered necessary for the functioning of the Council. (3) All moneys belonging to the Fund and all receipt of the Council shall be deposited or invested in such manner as may be prescribed; (4) The Council may spend such sums as it may thinks fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Council.