Section 49(3) in The Saurashtra University Act, 1965
(3)The University Fund shall be kept in any scheduled bank 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 authorised by the Indian Trusts Act, 1882 (II of 1882), at the discretion of the Syndicate.
