Section 56 in The SreeNarayanaGuru Open University Act, 2021
56. The University Fund.—
(1)One Consolidated Fund by name '' the SreeNarayanaGuru Open University Fund '' shall be constituted for the University and shall be utilised for the purposes laid down and in the manner provided in this Act and Statutes, Ordinances and Orders made thereunder.(2)The following shall be credited to the University Fund, namely:—(i)all income, grants, or loans received from the Government, the Government of India, University Grants Commission and from other agencies of the Government;(ii)all gift items, donations, endowments or other miscellaneous receipts made by private person, institution, public trust or private trust;(iii)all incomes, fees and all income such as rents and profits derived from properties and funds vested in the University;(iv)amount borrowed by the University;(v)all amount received from any other source.(3)All moneys in the University Fund shall be deposited in Government treasury, State Bank of India or its subsidiaries or nationalised banks within such limit as may be fixed by the Syndicate.(4)The University may invest such part of the money in the University Fund, as it may deem fit, in Government securities or securities guaranteed by the Government of India.(5)The custody of the University Fund, the payment of money therein, the withdrawal of money therefrom and all other ancillary matters shall be regulated by Statutes and Ordinances made in that behalf.(6)The University Fund shall be used towards meeting the expenses of the University including expenses incurred in the exercise of its powers and discharge of its duties under this Act.
