Amendment status not verified — confirm the current text below against the official source.
The General Fund shall be utilized for the following objects, namely,- General Fund. Application of General Fund. [Act No.11 of 2018] 39 (a) for the repayment of debts including interest charges thereto incurred by the University for the purposes of this Act and the Statutes, the Ordinances, the Regulations and the rules made thereunder with the prior approval of the Governing Body; (b) for upkeep of the assets of the University; (c) for the payment of the fee for audit of the funds created under sections 37 and 38; (d) for meeting the expenses of any suit or proceedings by or against the University; (e) for the payment of salaries, allowances, Provident Fund contributions, gratuity and other benefits to officers, employees and members of the teaching and research staff; (f) for the payment of travelling and other allowances of the members of the Governing Body, the Board of Management, the Academic Council, other authorities and the members of any Committee appointed by any of the authorities or the Chancellor or the Vice-Chancellor; (g) for the payment of fellowships, freeships, scholarships, assistantships and other awards to the students belonging to economically weaker sections of the society or research associates, trainees or, as the case may be, to any student otherwise eligible for such awards under the Statutes, the Ordinances, the Regulations or the rules; (h) for the payment of any expenses incurred by the University in carrying out the provisions of this Act or the Statutes, the Ordinances, the Regulations or the rules; (i) for the payment of cost of capital, not exceeding the prime lending rate from time to time of the State Bank of 40 [Act No.11 of 2018] India, incurred by the Sponsoring Body for setting up the University and the investments made therefor; (j) for the payment of charges and expenditure relating to the consultancy works undertaken by the University in pursuance of the provisions of this Act or the Statutes or the Ordinances or the Regulations or rules made thereunder; (k) for the payment of any other expenses including service fee payable to any organization charged with the responsibility of providing any specific service, including the managerial services to 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: 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 prior approval of the Board of Management. CHAPTER - VIII ACCOUNTS, AUDIT AND ANNUAL REPORT