Amendment status not verified — confirm the current text below against the official source.
Fund of the Institute.- (1) The Institute shall maintain a fund to which shall be credited- (a) all funds provided by the State Government; (b) all fees and other charges received by the Institute; and (c) all funds received by the Institute in any other manner or from any other source. (2) The Institute shall strive to generate its own sources of funds and progressively reduce dependence on funds provided by the State Government, with an objective of becoming self-reliant on operations within five years from commencing operations. (3) All funds credited to the Institute shall be deposited in any Scheduled Banks and invested in such manner as the Institute may ascertain, with the approval of the Finance and Procurement Committee and the Governing Board. (4) The fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and performance of its functions as provided under section 6.