Amendment status not verified — confirm the current text below against the official source.
General and other funds - (1) The income from fees realised by, any contribution and endowment received by, and all grants made to, the University, shall form one general fund to be called the "General Fund of the University" and all moneys so realised and received shall be credited to it. (2) The University may have such other funds and shall maintain such accounts in respect of every fund as may be prescribed. 2[35-A. Borrowing of money - The University may accept moneys from the Government of India, the State Government, the University Grants Commission 1 . Substituted by the Act No. 33 of 1996, S.3 2 . Inserted by the Act No. 3 of 1977, S.2 16 and also borrow money from a Bank or a Corporation for the purposes of the University: Provided that where the University intends to borrow money from a Bank or a Corporation or both exceeding an amount of fifty thousand rupees at a time or in the aggregate it shall obtain the prior written approval a of the Government therefor. 35-B. Certain restrictions in respect of financial matters – The University shall not divert earmarked funds for other purposes, or revise the scales of pay of its staff or implement any scheme which involves any matching contribution from the Government or which impose a recurring liability on the Government, after the assistance from the sponsoring authority ceases without the prior written approval of the Government: Provided that the Finance Committee may authorise the creation and filling up of posts of teachers for a period not exceeding one year, but any such post shall not be continued or created afresh for any period beyond the said period of one year without the prior written approval of the Government.”]