Amendment status not verified — confirm the current text below against the official source.
Fund of the University.—(1) The University shall have a fund to be called the University Fund to which shall be credited— (a) its income including the fees and endowments; (b) contributions or grants which may be made by the Central Government or the State Government or the Government of any other State or the University Grants Commission or the All India Council for Technical Education on such conditions as it may impose; (c) any other contributions or grants or loans raised; (d) amount received from any other source. (2) The amount in the University Fund shall be kept in a scheduled bank as defined in the Reserve Bank of India Act, 1934, or a 2 of 1934. corresponding new bank as defined in the Banking Companies (Acquisition 5 of 1970. and Transfer of Undertakings) Act, 1970, or the Banking Companies 40 of 1980. (Acquisition and Transfer of Undertakings) Act, 1980, or may be invested in such securities authorised by the Indian Trusts Act, 1882, as may be 2 of 1882. decided by the Executive Council: 156 The West Bengal University of Technology Act, 2000. XV of 2000.] (Sch.< lute.) Provided that no amount received from the Central Government or the State Government or the Government of any other State or the University Grants Commission or the All India Council for Technical Education shall be invested in the securities as aforesaid or diverted for other purposes without the prior approval of the Central Government or the State Government or the Government of any other State or the University Grants Commission or the All India Council for Technical Education, as the case may be. (3) Whenever the University receives funds from any Government or the University Grants Commission or the All India Council for Technical Education or any other source, sponsoring a scheme to be executed by the University, then notwithstanding anything contained in this Act or the regulations,— (a) the fund so received shall be kept by the University separately from the University Fund and shall be utilised_ only for the purposes of such scheme; and (b) the staff required to execute such scheme shall be recruited in accordance with the terms and conditions stipulated by such Government or the University Grants Commission or the All India Council for Technical Education or source, as the case may be, specially for such scheme.