(1)All grants and loans received from the State Government, the Government of India, the University Grants Commission and from any other source, all revenues of the University, all fees received, all incomes such as rent and profit derived from the properties and funds vested in the University, all endowments and donations received from any source whatsoever, all other miscellaneous receipts of the University and all deposits, remittances, and service funds, received in connection with the affairs of the University shall form one consolidated fund styled "Kannur University Fund" and shall be employed for the purposes and in the manner laid down in this Act and the Statues, Ordinances, rules, bye-laws or orders made thereunder:Provided that separate accounts shall be maintained for specific purposes.
