Section 38 in Bihar State Universities (Patna, University of Bihar, Bhagalpur and Ranchi) Act, 1960
38. University Fund.
(1)There shall be established-(i)For the Patna University, a Fund to be called the Patna University Fund ;(ii)For the University of Bihar, a Fund to be called the University of Bihar Fund ;(iii)For the Bhagalpur University, a Fund to be called the Bhagalpur University Fund ; and(iv)For the Ranchi University, a Fund to be called the Ranchi University Fund ;which shall be vested in the University for the Purpose of this Act, subject to the provisions therein contained, and there shall be placed to the credit thereof-(a)All sums contributed or granted to the University from the Consolidated Fund of the State of Bihar by the State Government for the purpose of the University or for the purposes of the colleges and all sums borrowed by the University for the purpose of carrying out the provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder ;(b)All moneys received by and on behalf of the institution and departments established and maintained by the University including all sums paid to the University under any provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder ;(c)Such percentage of the balance, if any, standing to the credit of the University of Bihar established and incorporated under the University of Bihar Act, 1951 (Bihar Act XXVII of 1951), immediately before the commencement of this Act as may be determined by the Governor of Bihar having regard to the claims of the Universities established and incorporated under section 3 ;(d)All interests and profits arising from endowments made to the University and all contributions, donations and subsidies received from any local authority or private persons ;(e)All fees payable and levied under this Act and the Statutes, Ordinances and Regulations made thereunder ; and(f)All other sums received by the University, not included in clause (a), (b), (c), (d) or (e).(2)The balance, if any, standing to the credit of the Patna University Fund established under section 37 of the Patna University Act, 1951 (Bihar Act XXV of 1951) on the date of commencement of this Act, shall vest in the Patna University Fund established under clause (a) of sub-section (1).(3)The University Fund shall be kept in such scheduled bank within the meaning of the Reserve Bank of India Act, 1934 (II of 1934), or invested in such securities authorised by the Indian Trusts Act, 1882 (II of 1882), as may, from time to time, be approved by the State Government.(4)Nothing in this section shall in any way affect any obligations accepted by or imposed upon the Patna University established under the Patna University Act, 1917 (XVI of 1917), the Patna University established under the Patna University Act 1951 (Bihar Act XXV of 1951) or the University of Bihar established under the University of Bihar Act, 1951 (Bihar Act XXVII of 1951), by any declaration of trust executed by or on its behalf or by any scheme settled under the Charitable Endowments Act, 1890 (VI of 1890) for the administration of the trust in so far as such trust or scheme relates to the University or the Colleges.
