Amendment status not verified — confirm the current text below against the official source.
48. (1) The University shall establish a Fund to be called the "University Fund" consisting of,- (i) any contribution or grant or loan by the State Government and Central Government. (ii) the income of the University from all sources; (iii) the money received by the University by way of grants, loans, gifts, , benefactions, bequests or endowments and other grants, if any; (iv) the money received by the University from the collaborating industries in terms of the provisions of the Memorandum of Understanding entered between the University and the industry, for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and (v) the money received by the University in any other manner or from any other sources. (2)The surplus fund of the University shall be deposited in Nationalised Banks or invested in such manner by the Executive Council on the recommendation of the Finance Committee or as per instructions of the State Government from time to time in that behalf. (3) The Fund of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.