Chapter V UNIVERSITY FUND, ETC.

University fund

1. (1) The university shall establish a fund to be called the University fund.
2. (2) The following shall form part of, or be paid into, the University fund:-
   • (a) any loan, contribution or grant by central or State Government or any body corporate;
   • (b) the income of the university from all sources including income from fees and charges;
   • (c) trusts, bequests, donations, endowments and other grants, if any;
   • (d) all other sums received by the University
3. (3) The University Fund shall be kept in any scheduled bank or banks as defined in the Reserve Bank of India Act, 1934 (No.2 of 1934), or such other Banks as may be approved by the Reserve Bank of India or invested in securities authorised by the Indian Trust Act, 1882 (No. 2 of 1882), at the descretion of the Board.
4. (4) Nothing in this section shall in any way affect any obligations accepted by or imposed upon the University by any declaration of trust executed by or on behalf of the University for the administration of any trust.

Objects to which University fund may be applied. - The University fund shall be applicable to the following objects.-

1. (a) to the repayment of debts incurred by the University for the purpose of this Act and the Statutes, and the Regulations made thereunder;
2. (b) to the expenses of any suit or proceedings to which the University is a party;
3. (c) for the payment of salaries and allowances of the officers and servants of the University, members of the teaching staff and establishment employed in the colleges and the department of University, in furtherance of the purpose of this Act, and the statues and Regulations made thereunder and to the payment of pension or any Provident Fund contribution to any such officers and servants, member of the teaching staff or the members of such establishments;
4. (d) to the payment of the travelling and other allowances of the members of the Board and the Academic council and any other authority of the university or the members of any Committee appointed by any of the authorities of the University in pursuance of any provisions of the Act and statutes, and the Regulations made thereunder;
5. (e) to the payment of fellowships, scholarships, studentship, and other awards to students ;
6. (f) to the upkeep of colleges, departments, residences, and hostels ;
7. (g) to the payment of the cost of audit of the university Fund ;
8. (h) to the payment of any expense incurred by the university in carrying out of the provisions of this Act and the Statutes, and the Regulations made thereunder ; and
   • (i) to the payment of any other expense, not specified in any of the preceding clauses declared by the Board to be the expense for the University.