Amendment status not verified — confirm the current text below against the official source.
Fund of the Council.- (1) The Council shall have its own fund and all sums which may, from time to time, be paid to it by the Government and all the receipts of the Council (including any sum which the Central Government, the University Grants Commission or any other authority or person may hand over to the Council) shall be credited to such fund. (2) The Government shall pay to the Council in each financial year, grants, development grants and matching grants as the Government may consider necessary for a period of five years from the date of commencement of this Act for the performance of the functions of the Council under this Act. (3) All technical Universities shall contribute rupees one lakh per year, colleges offering a course of study to which a degree is awarded shall contribute rupees five thousand per year and colleges offering any course of study to which a diploma is awarded shall contribute rupees two thousand and five hundred per year to the Council as annual subscription for their institutional membership in the Council which shall be credited to the fund. (4) All expenditure incurred by the Council under, or for the purposes of this Act shall be defrayed from out of the said fund and any surplus remaining, after such expenditure has been met, shall be invested in such manner as may be prescribed. (5) The Council may spend such sums as it thinks fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Council.