Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish and maintain a Fund to be called the University Fund consisting of - (i) any contribution or grants or loans by the State and the Central Government; (ii) the income of the University from all sources including income from fees and other charges; (iii) all moneys received by the University by way of grants, loans, gifts, donations, benefactions, bequests, transfers or endowments and other grants, if any; (iv) all moneys received by the University from the collaborating industry in terms of the provisions of the Memorandum of Understanding entered between the University and the industry, for establishment of the sponsored chairs, fellowships or infrastructure facilities of the University; and (v) the moneys received by the University in any other manner or from any other sources. (2) All moneys credited to the fund of the University shall be deposited in such Banks or the surplus fund shall be invested in such manner as the Board on the recommendation of the Finance Committee or as per the instructions of the State Government issued from time to time in this behalf. (3) The University Fund shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions under this Act. (4) No money from the University shall be spent except as otherwise provided for meeting its objectives.