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,- (a) any contribution or grant made by the University Grants Commission or the Central Government; (b) any contribution or grant made by the State Government; (c) any bequests, donations, endowments or other grants made by private individuals or institutions; (d) the income received by the University from fees and charges; (e) any contribution or bequests from the Industries. traders or entrepreneurs; (f) any contribution or endowments from foreign Governments or any foreign Institutions or companies subject to any law for the time being in force; (g) 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 or may be invested in securities authorised by the Indian Trusts Act, 1882, as may be decided by the Syndicate. (3) The said Fund may be employed for any of the purposes of the University in the manner prescribed by the Statutes. 1 [(4) No part of the income of the University shall be utilised directly or in directly for the benefit of any Officer or Authority of the University or any other person who has made substantial contribution to it or of any relative of such Officer or Authority or person or any relative of such officer or Authority or person has a substantial interest.]1