Amendment status not verified — confirm the current text below against the official source.
(1) The Institute shall have its own funds consisting of - (i) all monies provided by the Trust; (ii) all fees and other charges received by the Institute; (iii) all monies received by the Institute by way of grants, loans, gifts, donations, benefactions, bequests or transfers; (iv) all monies received by the Institute from the collaborating Industry in terms of the provisions of the Memorandum of Understanding between the Institute and the Industry, for establishment of sponsored chairs, fellowships and infrastructure facilities of the Institute; and (v) all monies received by the Institute in any other manner or from any other source. (2) All funds of the Institute shall be deposited in such banks or invested in such manner as the Board may decide on recommendation of the Finance Committee. (3) The funds of the Institute shall be applied towards the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its functions.