Amendment status not verified — confirm the current text below against the official source.
The State Government shall place funds at the disposal of the \;nivcrsity lo be called the Pem1ancnt Endowment Fund of sum of twenty crorc:s of rupees or such sum. n.-quirc:d for meeting the full operational expenditure of the University, whichever is more. for a period of five years in lhc form of long tenn interest bearing S<.."Curitics issued or guaranteed by the Central Government or the Stale Govcnuncm. Paym<nt by 26. The Go.,emmcnt shall pay to the University from time to time such sums S1a1c co,crnmcot lo l;niversity. of money and in such manner as may be considered necessary for the exercise of powers and discharge of its functions b)' lhe University by or under thi~ Ac1. fund of 27. (I) The lJruversity shall 1..-stablish a fund to be called the ·t,nivcrsity Univcrsit}. Fund' consisting ot:- (i) any contribution or grants or loans by the State Government and the Central Government; (ii) the income of the Un;vcn;ity from all sources including income from fees and charges; (iii) the moneys received by the Uni\'ersity by 1.vay of grants, loans, gifts, donations, benefactions, bequests or transfer endowments and other gr:ints, if any; PART-IV) (jlJJJ\RA T GOVERi'\/ME~T GAi'Ern .. tX .. 31-7-2009 (iv) the moneys received by the Uni vcrsity from the collaborating industries in terms of the provisions of the :'v!cmorandum of Understanding entered between the University and the Industry, for establishment of sponsored chairs. fcllo"ships or infrastructure facilities of the University; and (v) the mom:ys received by the University in any other manner or from any other source. (2) l\11 funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on the recommendation of the Finance Committ1.-.:. (3) Th.: funds of the University shall be applied towards lb.: cxp.:nses of the University including expenses incurred in the exercise of its power~ and discharge of its functions by or under this Act. 15-19