- The University shall have a general fund to which shall be credited- I(a)its income from fees, grants, donations and gifts, if any;(b)any contribution or grant made by the Central Government, any State Government, the University Grants Commission or like authority, any local authority or any corporation owned or controlled by the Government; and(c)endowments and other receipts.Explanation. - In this section, the expression "University Grants Commission" means the Commission established under section 4 of the University Grants Commission Act, 1956 (Central Act 30 of 1956).
