Section 38(3) in Sardar Patel University Act, 1955
(3)The University Fund shall be kept in any Scheduled J3ank 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 in securities authorized by the Indian Trusts Act, 1882 (II of 1882), at the discretion of the Syndicate.
