Amendment status not verified — confirm the current text below against the official source.
(1) The University shall have its own funds consisting of – (a) The money provided by the State Government either through the Society or directly; (b) Fees and other charges received by the University; (c) The money received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfer; the money received by the University from the collaborating Industries in terms of the provisions of the Memorandum of Understanding entered between the University and the Industry, for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and (d) The moneys received by the University from any other source. Finance Committee. Powers and Functions of Finance Committee. Funds of University. 26-16 GUJARAT GOVERNMENT GAZETTE, EX. 20-10-2021 [ PART IV (2) All funds of the University shall be deposited in such bank or invested in such manner as the Board may decide on the recommendation of the Finance Committee. (3) The Funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act. (4) Permanent Endowment Fund of University. – The Gujarat Skill Development Society shall place funds at the disposal of the University to be called the Permanent Endowment Fund of sum of five crores of rupees or such sum required for meeting the full operational expenditure of the University, whichever is more, for a period of five years in the form of long term interest bearing securities issued or guaranteed by the Central or the State Government. On the termination of the involvement of the Gujarat Skill Development Society and after meeting with the operational expenditure for a period of five years, out of the Permanent Endowment Fund, if there is any unused balance the same shall be paid back to the Gujarat Skill Development Society with the previous permission of the State Government. (5) Payment by Gujarat Skill Development Society to University. – The Government of Gujarat through the Gujarat Skill Development Society shall pay to the University from time to time such sums of money and in such manner as may be considered necessary for the exercise of powers and discharge of its functions by the University by or under this Act. (6) Transitory Provisions.- Notwithstanding anything contained in this Act, the Director General may, with the prior approval of the President and subject to availability of the funds, discharge all or any of the functions of the University for the purpose of carrying out the provisions of this Act and the regulations and for that purpose, may exercise any powers or perform any duties which by or under this Act and regulations are to be exercised or performed by any authority of the University until such authority comes into existence in accordance with the provisions of this Act and the Regulations. The Government of Gujarat may, from time to time review and monitor such actions taken by the Director General.