(1)The University shall establish a fund to be called the University Fund.(2)The following shall form part of, or be paid into, the University Fund.-(a)any contribution or grant by the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government,(b)the income of the University from all sources including income from fees and charges,(c)bequests, donations, endowments and other grants, if any.(3)The University Fund shall be kept in any scheduled bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), [or in a co-operative bank approved by the State Government for the purpose or invested] [These words were substituted for the words 'or invested' by Bombay 30 of 1954, section 20.] in securities authorized by the Indian Trusts Act, 1882 (II of 1882), at the discretion of the [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).].
