Amendment status not verified — confirm the current text below against the official source.
(1) The sponsor shall establish an endowment fund of at least Rupees One Crore. (2) The University shall have power to invest the endowment fund in such manner as may be prescribed. (3) The University may transfer any amount from the general fund or the development fund to the endowment fund. Except in the event of dissolution of the University, in no other circumstances can any monies be transferred from the endowment fund for others purposes. (4) Not exceeding 75% of the incomes received from the endowment fund shall be used for the purposes of development work5 of the University and the remaining 25% shall be reinvested into the endowment fund. General Fund 39. (1) The University shall establish a general fund to which the following amounts shall be credited, namely: (a) All fees which may be charged by the University; (b) All sums received from any other source; (c) All contributions made by the Sponsor; (d) All contributions/donations made in this behalf by any other person or body, which 335 are not prohibited by any law for the time being in force. (2) The funds credited to the general fund shall be applied to meet the following payments; (a) The payment of debts including interest charges thereto incurred by the University for the purpose of this Act and the statutes, and the rules made thereunder; (b) The upkeep of the assets of the University; (c) The payment of the cost of audit of the fund created under this Act; (d) Meeting the expenses of any suit or proceedings to which University is a party; (e) The payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff; (f) The payment of traveling and other allowances of the members of the boards of governors, the board of management, Academic Council, and other authorities so declared underthe Statutes of the University and of the memrs of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Statutes, or the Rules made thereunder; 336 (g) The payment of fellowships, freeships, scholarships, assistantships and other awards to students ,research associates or trainees eligible for such awards under the Statutes, or the Rules of the University underthe provisions of this Act; (h) The payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Statutes or the Rules made thereunder; (I) The payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof; (j) The payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, and the Statutes, and the Rules made thereunder; (k) The payment of any other expenses including a management fee payable to any organization charged with the responsibility of managing the University on behalf of the sponsoring body, as approved by the Board of Management to be an expense for the purposes of the University; Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Board of 337 management without the previous approval of the board of Management; Provided further that the General fund shall be applied for the objects specified under sub section (2) with the prior approval of the Board of Management of the University; Development Fund