Amendment status not verified — confirm the current text below against the official source.
Notwithstandinganfrling contained in this Act and the Stalutesr — Searchable PDF created by OCR.space (Free Version) -26- the first Vice•Chancellor shall be appointed by%the ChaErmenrand the saidofficåshall holdofice a term of three years; (b)thefirstReglsträrandthefirstControllerof Finance shall be appinted by the wt'ß shall, hold offce a afthree years; (c) the•first Boardof Governorsshall hold for a term not exceeding three years; and fre first Boardof Management,the first Finance Committee and the first Academic Council shad be consttuted by the Chairman for a term of hree years. 41.(1) The SponsoringBody shill estabksh an EndNTElfl Find. Gavel Fund. EndowmentFundof Rupeestwenty-five Crores, (2) The amountof EndowmentFund shall be and keptiniestedtuntilthe lissolutionOfthe Universityin long term securiti••, (3) Uriversty transteranyanunt• fromthe Fund the Dege!opmentFurd to te Fund. (4) Exceptirgin he dissolutionof Universty,no moneycan be transferrejfrom tre EndowmentFtmd uider anyotEr cirw•nslances for thenthatof the University. (5) Outcf theincomesreceivedfrom.us Endowment Furd, an amcwntnot seventyfive petceNum shafl be used f0Fthe purposesof developnintworksof the Universityandthe remairirgtwentyfivepercentwtlshall'be reinvestd in the Endowrnent Fund. 42, (1) IJniætsiV eteblish a Fundto. thefollowingamouNshallbecredited,namely: — (a)allfeeswhichmaybechargedbytheUniversity; (b) a" uns receivedfromanydhar source; •u cmtfibutions mede spohwins Body; end Searchable PDF created by OCR.space (Free Version) -27- (d) Ellwatibutions ordonationsmadein tlis behaFf by any .0E person or Body which ce rd 'Yohibite:i by any law for tl•e time beire in force. (2) The amount credited to the eneral Fund shall be applied Eomeet the payrnents, namely:— (a) tre repayment of debts tßuding interest charges thereto incurred by the University for the purposes Dfthis Act and the Statutes, and the Rules made thereurW.. upkeepng assts of the University; (c) the payment of the cost (f audit of the fund created under this sedion 43; {d) rnætingthe exFnses of any suitor proceedings to whichthe Unißt$ity isa pgrty; the paymeptof salariesand allowancæ of offærs and employees of the University membersof teachingand researchstaff, and payment of any Pr0vident. 'Fund conthbujors, gratuity nd other benefits tc any such officers, employees, members of the teaching •andresearch staff; (f) the payment• of travelling and other allowances of the members of the Board of Governors. the Boårå of Management, Academic Council, and other authorities so under the Statutes of the University and of the members ef any Committee or Board appointed by any of the authorities of the University pursuanceof any provisions of tis Act., or the Statutes, or the Rules made thereunder (g) .the payment of fellowships, fretskips, Scholarships, assislantships and other awards to students, research associates or trainees eligible for such awards under the Statutesor Rulesof the unive8]ty; Searchable PDF created by OCR.space (Free Version) Develop—. Fund. (h) thepaymentof anyexpensesit•wurredbythe Universityin cawing out provisionsof this Ad, ahd the Statutes or tie Rules; (i) thepaymentof costof capital,notexceeding the-pteeilicg bad. rate of ictetest.incurred by the SponsoringBodyfor settingupthe University and the Investrnentsmade thereof (j) the paymentof *targes and expenditure. relaing to the consultatwywork undertaken by the Universityin• pursuanceof the provisionsofthisACt.,andtheStatutesand the Rules; and (Othepaymento!anyothere*pensesincludlnga managementfeepayabieto anyorganization •cutged responsibility managing the Universityon behaf of the Sponsoing Body, as apprvved by the Board of Management-to bé an expensefor the purposesoftheUniversity: Providedthat no experiiture shall be incurredby UniwrsityinexcesOfti•wtimitsfCKtotalrecurringexpenditt.re alid totai Inn-recurring•experiiturefor the yær gs may be fixed..by the Boardof Marzgement the previöus Bczd of Nknagement Proidai that the eneral Fund shall applied fu the obj«åsspcified tis he pti0f approvdoithe ofMan4ementofhe Univasity,