Section 52 in Manipur International University Act, 2018
52. The University.
(1)The University shall establish a fund to be called as the University Fund.(2)The following shall form part of, or be paid into, the University. Fund, namely; -(a)all contributions or grants made including any contribution or grant made by any Government or any of its agencies-or any authority;(b)all incomes or moneys from trusts, bequests, donations, endowments, subventions, and other grants made by anyone including private individuals or institutions or organizations;(c)the income received by the University from any fees or charges, consultancy etcetera;(d)any or all the income generated by any or various activities of the University;(e)all such sums of money or other property, real or personal, as may be acquired, purchased or received by, or transferred to, the University, whether by way of gift, devise, bequest, purchase or otherwise howsoever;(f)all such sums of money or other property, real or personal, es may accrue to the University in the exercise a its powers or the performance of its functions under this Act;(g)all such sums of money or other property, real or personal, as may accrue to, or be received by, the University by way of fees, grants, subsidies, contributions, donations, subscriptions, rents, interest or royalties from any Government any authority, any organization or from any person;(h)the amounts borrowed by the University; and(i)any amounts received from any other source.(3)The University Fund shall, at the discretion of the Governing Board, be kept in a Scheduled Bank as defined in the Reserve Bank of India Act 1934, or in a corresponding new bank constituted under, the Banking Companies (Acquition and transfer of Undertakings) Act, 1970, and the Banking Companies (Acquition and Transfer of Undertakings) Act, 1980, or may be invested in such securities authorized by the Indian Trusts Act, 1882.(4)The University Fund may be expended for such purpose of the University and in such manner, as may be approved by the Governing Board. The Fund may also be employed for any of the purposes of the University in the manner prescribed or as, the Chancellor may find suitable for the fulfillment of its purposes and objectives.(5)The Fund and accounts shall be operated by an officer of the University who has been duly authorized approved by the Governing Board.(6)Where under the terms of any written instrument, any right, title or interest in real or personal property is expressed to be disposed, granted or conveyed to the University, the said instrument shall, subject to law, have effect as a disposition, grant or conveyance of such property to the University and shall vest such property in the University to the extent of the right, title or interest therein expressed to be so disposed, granted or conveyed.(7)The University shall also have a fund called the Permanent Endowment Fund which it shall invest and keep invested in securities issued or guaranteed by the Central Government or by any State Government. Allocation, maintenance and usage of such fund shall be as per the discretion of the Governing Board and as per the Statutes.(8)The University may have such other funds as may be prescribed by the Statutes.(9)The property of the University shall be payable to, vested in, held, managed and controlled by the Chancellor, Under this Act. However, the Governing Board shall supervise arid exercise supreme authority over and above the Chancellor as and when required.
