Section 35 in The Nalanda Open University Act, 1995
35. Finance, Accounts and the Audit of the University.
- Establishment of the University Funds. - (1) There shall be a Fund to be called the Nalanda Open University Fund and this fund shall vest in the University for the purposes of this Act, subject to the provision contained therein, and the following amounts shall be credited thereto, namely(a)All sums contributed or granted to the University from consolidated fund of the State of Bihar by the State Government for the purposes of the University and all sums borrowed by the University for the purpose of carrying out the provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder:(b)All money received by and on behalf of the study centres and departments established and maintained by the University including all sums paid to the University under any provision of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder;(c)All interests and profits arising from endowments made to the University and all contributions, donations and subsidies received from any local authority or private person;(d)All fees payable and levied under this Act and the Statutes, Ordinances and Regulations made thereunder.; and(e)All other sums received by the University, not included in clauses (a), (b), (c) or (d).(2)The University fund shall be kept in such scheduled bank within the meaning of the Reserve Bank of India Act, 1934 (II of 1934), or invested in such securities authorised by the Indian Trusts Act, 1882 (II of 1882), as may from time to time be approved by the State Government.
