Amendment status not verified — confirm the current text below against the official source.
University Funds.-(1) The amounts received from any of the following sources shall form part of the University Fund, namely:- (i) any contribution or grant made by the University Grants Commission or the Central Government or any of the Government bodies; (ii) any contribution or grant made by the State Government; (iii) any bequests, donations, endowments or other grants made by private individuals or institutions; (iv) the income received by the University from fees and charges; (v) any contribution or bequests from the Industries, traders or entrepreneurs; (vi) any contribution or endowments from foreign Governments or any foreign Institutions or companies subject to any law for the time being in force; and (vii) the amounts received from any other source. (2) The said fund shall be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, as may be decided by the Executive Council as per the guidelines issued by the State Government, from time to time. (3) The funds and income of the University shall be solely utilized for achievement of the objects of the University and no payment shall be made to the trustee or members by way of profit, interest or dividends etc. (4) The said fund may be employed for any of the purposes of the University in the manner provided by the statutes.