Section 28 in The Shree Somnath Sanskrit University Act, 2005
28. University Fund.
(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 Government, the Central Government, or the University Grants Commission;(b)the income of the University from all sources including income from fees and charges;(c)loans, gifts, donations, endowments, benefactions, bequests and other grants, if any, or transfers;(d)any sum borrowed from the banks with the permission of the State Government;(e)all moneys received by the University in any other manner or from any source.(3)The University Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934) at the discretion of the Executive Council on the recommendations of Finance Committee.(4)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 in such manner as may be prescribed.
