Amendment status not verified — confirm the current text below against the official source.
(I) The Uni vcrsity shall establish a fund to be called the "University Fund". (2) ·n1e following shall form part of, or be paid into, the University fund:- (a) any contribulion or grant by the Ccotral Government, State Government, or the University Grams Conuuission; (b) tl1e income of the University from all sources including income from fees and charges; (c) bequests, donations, eudowments and other grants, if any: (d) auy sum borrowed from the banks with the previous pemiission of the State Government. (3) All moneys credited to the fund of the University shall be deposited :in any of the Scheduled Banks as defined in the Reserve Bank of India Act, 1934, or surplus fund shall be invested in such manner as the Board on tl1e recommendation of the Finance Conunittec or as per the directions of the State Government issued from time to time in this behalf. (4) No money from Lhe University Fund shall be spent except as otherwise provided for meetings its objectives without prior approval of concerned s<UJction ing authority. 15-49 Other commlttcts. University Fund. II ofl934. Annual Accounts, finaaei&I tstimotes and Audit. GUJARAT GOVERNMENT GAZETTE, EX. 01-Q4-2017