Section 24 in The Nirma University of Science and Technology Act, 2003
24. Funds of the University.
(1)The University shall have its own funds consisting of:(i)all monies provided by the Trust;(ii)all fees and other charges received by the University;(iii)all monies received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfers;(iv)all monies received by the University from the collaborating Industry in terms of the provisions of the Memorandum of Understanding between the University and the Industry, for establishment of sponsored chairs, fellowships and infrastructure facilities of the University; and(v)all monies received by the University in any other manner or from any other source.(2)All funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on recommendation of the Finance Committee.(3)The funds 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.
