Amendment status not verified — confirm the current text below against the official source.
(I)The University shall establish a fund lo be called the Universily Fund Fund. to which-shall be credited, namely:- , , (a) any contribution or grant by the Stale Government, Central Government, Universily Grants Commission, industrial Undertakings, Corporations, Companies, Associations, 'other bodies or local authorities; (b) any income of the University from all sources including income from fees and charges and sale proceeds; , (c) bequests, donalions, endowments and other grants, if any, received by the Universily; and - :'! -, - . C. ! (9 miscellaneous receipts. . - ' I ., , (2) The University may, from lime to time, estal lish such other lunds in such name and for such specific purposes as may be dc cided by Ihe Execulive Council with the prior consulta(ions wilh the Gsvernment regarding establishment of such funds. (3)The fundshall be kepf in Nationalised or Scheduled Bank or invesled in such securities as may be decided by the Executive Council. (4)The funds and all moneys ol the University shall be managed in such manners as may be prescribed by the Slalutes. (5) The University may, with previous sancbon of the Government as regards the purpose and amount of loan, and subject to such conditions as may be specified by the Government as lo securily and rale of interest, borrow any sum ofponey lrom any Nalionalised Bank or Scheduled Bank or any other corporata body or any financial instilution. (6) The Universily shall prepare the l~nancial estimate of receipts and expenditure of Ihe University in such manner as may be prescribed by the Statute. (7) The Executive Council shall consider the eslidates so prepared and approve lhern with or withoul modification. (8jThe University shall submit such estimates as approved by Ihe Executive C~uncil to the Government for the purpose of providing Ihe annual grant. (9) The Govemmenl may pass such order with reference to the said approved estimates as it thinks lit and communicate Ihe same lo the University which shall give effect to such order. (10) The Executive Council may, in urgenl cases where expenditure in excess of the amounls provided lor in Ihe budget is found to be necessary, lor reasons to be recorded in writing, incursucfiexpenditure. The Annual