Section 49 in The Global Open University (Nagaland) Act, 2006
49. General Fund.
(1)The University shall also set up a General Fund into which the following shall be credited :(i)Contributions and grants made by the Trust;(ii)Contributions and grants made by the Government of Nagaland;(iii)Contributions and grants made by the University Grants Commission;(iv)Contributions and grants made by the Central Government;(v)Contributions and grants made by other organizations in India and abroad, subject to laws in force;(vi)Bequests, donations endowments or other grants made by private individuals and organizations;(vii)Income received by the University on account of fees and other charges; and(viii)Amounts received from any other source.(2)The funds shall be deposited in a banking institution or held in shares, securities, debenture, or in any other form as may be determined by regulations and as far as possible they may held in such form which does not pose serious risks.(3)The funds shall be operated exclusively for the purposes of the University in such manner as may be prescribed by regulations.
