Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish a fund to be called the University Fund. (2) The following shall form part of, or be paid into, the University Fund, namely :— (a) any contribution or grant by the Government, Central Government, Council, University Grants Commission, Industrial Undertakings, Corporations, Companies or local authorities; (b) income of the University from any source including income from fees, charges and sale proceeds; (c) bequests, donations, endowments and other grants, if any, received by the University; and (d) miscellaneous receipts. (3) With the prior approval of Government, the University may, from time to time, establish such other funds in such name and for such specific purpose or purposes as may be decided by the Board. (4) Every such fund shall be kept in a Nationalized Bank or Scheduled Bank or invested in such securities as may be decided by the Board. (5) The funds and all moneys of the University shall be managed in such manner as may be prescribed by Statutes. (6) The Government may, for the purpose of smooth functioning of the University, make a lump sum grant to it every year.