Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish a General Fund to which following amount shall be credited, namely: (i) all monies provided by the Sponsoring Body; (ii) all fees and other charges received by the University; (iii) all monies received by the University by way of loans, gifts, donations, benefactions, bequests or transfers; (iv) all monies received by the University from collaborating with industry in terms of the provisions of the Memorandum of Understanding between the University and the Industry for establishment of sponsored Chairs, Fellowships and infrastructure facilities of the University; and (v) all monies received from national, international philanthropies, and non-governmental agencies within and outside India which are not prohibited by any law for the time being in force. (2) All Funds of the University shall be deposited in such Banks or invested in such manner as the Board, may decide on recommendation of the Finance Committee. (3) The Fund established under this section shall, subject to the general supervision and control of the Board be regulated and maintained in such manner as may be prescribed. (4)The Funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions. 24 Accounts and audit. Annual Report. 38 of 1949.