Section 22 in The Institutes of Technology Act, 1961
22. Fund of the Institute.
(1)Every Institute shall maintain a Fund to which shall be credited-(a)all moneys provided by the Central Government;(b)all fees and other charges received by the Institute;(c)all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and(d)all moneys received by the Institute in any other manner or from any other source.(2)All moneys credited to the Fund of any Institute shall be deposited in such Banks or invested in such manner as the Institute may, with the approval of the Central Government, decide.(3)The Fund of any Institute shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act.
