Amendment status not verified — confirm the current text below against the official source.
(1) The Sponsoring Body shall establish a Corpus Fund of Rupees Ten Crores. (2) The amount of Corpus Fund shall be invested and kept invested until the dissolution of the University in long term securities issued or guaranteed by the State Government. (3) The University may transfer any amount from the General Fund or the Development Fund to the Corpus Fund. (4) Excepting in the dissolution of the University, no money can transferred from the Corpus Fund under any other circumstances purposes other than that of the University. Corpus fund. Transitional provisions . 30 (5) Out of the incomes received from the Corpus Fund amount not exceeding seventy five percentum shall be used for the purpose of development works of the University and the remaining twenty five percentum shall be reinvested in the Corpus Fund. 46.(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 funds credited to the General Fund shall be applied to meet the following payments, namely:- (a) the repayment 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 section and Section 47; (d) meeting the expenses of any suit or proceedings to which the University is a party; General Fund . 31 (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 of the teaching and research staff; (f) the payment of traveling and other allowances of the members of the Board of Governors, the Board of Management, 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 any provision of this Act, or the Statutes, or the Rules made thereunder; (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 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 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 (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: 32 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 Management without the previous approval of the Board of Management: 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 Management of the University. 47.(1) The University shall also establish a Development Fund to which the following amount shall be credited, namely:- (a) all sums received from any other source for the purposes of the development of the University; (b) all contributions made by the Sponsoring Body; (c) 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; and (d) subject to the provisions of sub-section (5) of Section 45, incomes received from the Corpus Fund. (e) development fees which may be charged from students; (2) The amount credited to the Development Fund from time to time shall be utilized for the development of the University.