Amendment status not verified — confirm the current text below against the official source.
The University Funds.- (1) The University shall have a general fund to which shall be credited,- (a) Its income from fees, endowments and grants if any, and income from properties of the University including hostel, experimental stations and farms; (b) Contribution or grants made by the Government on such conditions as are consistent with the provisions of this Act; (c) Other contributions, grants, donations benefictions, loans and other receipts. (2) The University shall have a fund called Foundation Fund to which shall be credited contributions and grants made by the Central Government or the State Government or any approved agency and such other sums as may be specified by the Board. The Board may as and when necessary retransfer such amount as may be specified, from the Foundation Fund to the General Fund, in the manner prescribed. (3) The University shall furnish statement of accounts, reports and other particulars to the Government relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and manner as the Government may direct. (4) It shall be competent for the University in furtherance of its objects to accept the grants from the Government or any other State Government or the Central Government or Statutory Bodies or endowments or donations under such conditions as my be agreed upon between the Universities and the grant or donor.