Section 13 in The M.P. Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam, 2007
13. Application of General Fund.
- The general fund shall be utilized for the following purposes, namely ;-(a)repayment of debts including interest charged thereto incurred by the private university for the purposes of this Act, and the Statutes, Ordinances and regulations made thereunder;(b)upkeep of the assets of the private university;(c)payment of the cost of audit of the funds created under Sections 11 and 12;(d)meeting the expenses of any suit or proceedings in the court to which private university is a party;(e)payment of salaries, allowances, provident fund contributions, gratuity and other benefits to officers and employees and members of the teaching and research staff;(f)payment of traveling and other allowances to the members of the governing body, the Board of Management, the Academic Council and other authorities so declared under the Statutes of the private university and to the member of any committee appointed by any of the authorities or by the Chairperson of the sponsoring body or the Vice-Chancellor, in pursuance of any provision of the Act, and Statutes, Ordinances or regulations made thereunder;(g)payment of fellowships, free-ships, scholarships, assistant-ships and other awards to the students belonging to below poverty line families or research associates or trainee, as the case may he, or to any students otherwise eligible for such awards under the provisions of this Act and Statutes, Ordinances, regulations or rules made thereunder;(h)payment of any expenses incurred by the private university in carrying out the provisions of this Act and the Statutes, Ordinances or the regulations made thereunder;(i)payment of cost of capital not exceeding the applicable bank rates of interest, incurred by the sponsoring body for selling up the private university and the investments made therefor;(j)payment of any other expenses including service fee payable to any organization charged with the responsibility of providing any specific service, including the managerial services to the private university on behalf of the sponsoring body as approved by the Board of Management to be an expense for the purposes of the private university ;Provided that no expenditure shall be incurred by the private university, in excess of the limit for total recurring expenditure and total non-recurring expenditure for the year as fixed by the Board of Management, without the prior approval of the Board of Management :Provided further that the general fund shall not be utilized for the objects specified under clause (a) without the prior approval of the governing body of the private university.
