Section 63 in Kerala University of Fisheries and Ocean Studies Act, 2010
63. University funds and grants.
(1)The University shall have a General fund to which shall be credited, -(a)Its income from fees, endowments and grants, if any; and(b)Other receipts and donations from building agencies.(2)The University shall form a Fund called the Foundation Fund from contributions and grants made by the Central Government and the Government of Kerala for being credited to that fund and such other sums from the University as may be credited to the said fund.(3)The moneys in the Foundation Fund shall be invested in the securities mentioned or referred to in clauses (a) to (d) of section 20 of the Indian Trust Act, 1882 (Central Act 2 of 1882)(4)The University shall furnish such statements, accounts, reports and other particulars as the Government may require relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and in such manner as the Government may direct.(5)It shall be competent for the University, in furtherance of its objectives, to accept grants from the Government of Kerala or any other State Government or donations under such conditions as may be agreed upon between the University and the grantor or donor.(6)The University may have such other funds as may be prescribed.(7 The General fund, the foundation fund and other funds of the University shall be managed according to provisions laid down in the Statutes.(8)The Government shall make non lapsable lump sum grants to the University every year as follows:-(a)a grant not less than the expenditure incurred in the previous year by the institutions of the Fisheries and Ocean Studies and other Government and University Departments on such of the activities as are transferred to the University.(b)a grant not less than the estimated net expenditure towards pay and allowances of the staff, contingencies, supplies and services of the University other than that towards the activities of the institutions referred to in clause (a);(c)a grant to meet such additional items of expenditure, recurring and non-recurring as the Government may deem necessary for the proper functioning of the University.(9)The Government shall also make a non-lapsable lump sum grant to the University in respect of schemes included in the Five Year Plan and transfer to the University, an amount equal to the net outlay as shown in the annual plan for the implementation of schemes.(10)The Government may make Adjustments for the anticipated assistance from the Central Government and other agencies sponsoring such schemes;Provided that such assistance shall come to the University direct and not through the Government.
