Amendment status not verified — confirm the current text below against the official source.
(1) The University shall have a General Fund to which shall be credited:- (i) its income from fees, endowments and grants and income from properties of the University including hostel, experimental stations and farms; (ii) contribution and grants made by the Government on such conditions as are consistent with the provisions of this Act; and (iii) other contributions, grants, donations benefactions and loans and other receipts. (2) The University shall form a fund called the Foundation Fund from contributions and grants made by the Central Government or the State Government or agencies approved by the Central or State Government for being credited to that fund and such other sums as may be specified by the Board, shall be credited to this fund, and the Board may, as and when necessary, retransfer such amount as may be specified, from the Foundation Fund to the General Fund, in the manner prescribed. (3) The University shall furnish statements of accounts, reports and other particulars to the Government relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and in the manner as the Government may direct. (4) It shall be competent for the University in furtherance of its objectives to accept the grants from the Government or any other State Government or the Central Government or Statutory Bodies or endowments or donations under such conditions as may be agreed upon between the University and the donor.