Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish a General Fund to which the following amount 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 Sponsoring Body, and (d) all contributions or donations made in this behalf by any other person or Body, which are not prohibited by any law for the time being in force. (2) The amount credited to the General Fund shall be applied to meet the following payments, namely:— General Fund. Endowment Fund. 29 (a) the repayment of debts including the interest charges thereto incurred by the University for the purposes of this Act. and the Statutes and the Rules made there under; (b) up keeping the assets of the University; (c) the payment of the cost of audit of the fund created under this Section and Section 42; (d) meeting the expenses of any suit or proceedings to which the 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, payment of any Provident Fund contributions, gratuity and other benefits to any such officers, employees, members of the teaching and research staff; (f) the payment of travelling and other allowances of the members of the Board of Governors, the Board of Governors, Academic Council and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of ay provision of this Act. or the Statutes or the Rules made there under; (g) the payment of fellowships, free ships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Statutes or Rules of the University; (h) the payment of any expenses incurred by the University in carrying out the provisions of this Act. and the Statutes or the Rules; (i) the payment of the cost of capital not exceeding the prevailing bank-rate of interest, incurred by the Sponsoring Body 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, and 30 (k) the payment of any other expenses including a management fee payable to any organisation charged with the responsibility of managing the University on behalf of the Sponsoring Body as approved by the Board of Governors, 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 of total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Board of Governors without the previous approval of the Board of Governors: Provided further that the General Fund shall be applied for the objects specified under this sub-section with the prior approval of the Board of Governors of the University.