Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish a fund to be called the University Fund consisting of,- (i) any contribution or grant or loan by the State Government and the Central Government; (ii) the income of the University from all sources including income from fees and charges; (iii) bequest, donations, gifts, endowments and other grants, if any; (iv) the moneys received by the University from the collaborating industry in terms of the provisions of the Memorandum of Understanding between the University and the industry, for establishment of sponsored chairs, fellowship and infrastructure facilities of the university. Appeal against withdrawal of affiliation. Withholding or reduction of grant to an affiliated college. Post-graduate teaching. Fund of University. 25 25 (2) All 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 committee. (3) The funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its power and discharge of its functions by or under this Act.