Amendment status not verified — confirm the current text below against the official source.
Endowment Fund : (1) The Sponsoring body shall establish an Endowment Fund for the University with an amount of three crores rupees which shall b€ pledged to the Government. (2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes or ordinances as made there under. 41 186 (3) The Govemment shall have the power to forfeit, in the prescribed manne( a part or whole of the Endowment Fund in Case the university or the sponsoring body contravenes any of the provisions -of this Act, rules, statutes, ordinances or regulations made there under. l'(l; tnmme from Endowment Fund shall be utilized for the development ' of infrastructure of the university but shall not be utilized to meet out the recurring eipenditure of the university. (5) The amount of 'Endowment Fund shall be kept inv*ted, until the d - dissolution of the university, by way of Fixed Deposit Accounts .. in any Schedubd Bank subject to the condition that this Fund shallnot be withdrawn without the permission of the Government. . General Fund : (1) The University shall establish a gen*zl fund' 'to which tho following amount shall be. credited namely; (a) All Fees which may be charged by the University; (b) All sums recehied from any other sources; (c) All contributions made by the Sponsor; (d) All contributionsl 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 cr.eated under section 42; (d) Meeting the expenses of any suit or proceedings to which University is a party: 187 (e) The payment of salaries and allowance of the otncgrs 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 officerB and emplgyees, members of the teaching and research staff; (f) The pq/ment of travelling and other allowances of the members of the Board of Governors, the Board of Management, Academlc Council, and other authorities so declared under the Statutes, Rules & Regulations of the University and of the members of any committee of 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 thereundel (S) fh.e paymenl of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees ehgible for such awards under the Statutes or rules of the University under the provisions of this Act: (h) The payment of expenses incurred by the University in carrying out the provisions of this University Act, and the Statutes or the rules & regulations made thereunder; (i) The payment of cost capital not exceeding the privilege bank rate of interest, incurred by the Sponsor for s€tting up the University and investment made thereof; 0) The payments of charge and expenditure relating to the consultancy work undertaken by the University in iiurtuance of thc erovision of this'Act, and .the statutes" and the rules made thereunder; (k) The payment of any other exp€nse including a management fee payablq to any organization charged with the responsibility of Managin! the University on behalf of Sponsoring Body, as approved by the Board of Management to be an expense . lor the purpose of the University; Provided that no expenditure shall be incuned by the University ln excess of the limits for total recurring expenditure and total non- recuning expenditure for the years as may be fixed by the Board of Management without the prior approval of the Board of Management; 188 Provided further that the General fund shali be applied for the object specified under sub-section (2) with the prior approval of the Board of Manegement of the University. /t2. Development Fund : (1) The Uni;ersity shall also establish a development fund to whrch . the fo[oflilS tunds shall be credited, name]y: . {a) Development fees which may be charged from students; (b) All sums received from any other source for the purpose of , I ., the development of the University; -,-'- (c) A1l contiibutions made by the Sponsor; (d) All contribut'ons/ donations made in this behalf by any other 'person oi body which are not prohibited by any law for the : time being in force; (e) An incomes received from the endowment fund. (2) The funds credited to the development fund from time to time shall be utilized for the development of the University.