(1)There shall be established a Fund for the University to be called the Patna University Fund which shall be vested in the University for the purposes of this Act, subject to the provisions contained therein, and the following shall be placed to the credit of the University Fund namely-(a)all sums contributed or granted to the University from the Consolidated Fund of the State of Bihar 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 institutions and departments established and maintained by the University including all sums paid to the University under any provision of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder;(c)the balance if any standing, to the credit of the Patna University established and incorporated under Patna University Act, 1961 (Bihar Act III of 1962) immediately before commencement of this Act;(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 clauses (a),(b),(c),(d), or (e) abcve.(2)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 Trust Act, 1882 (Act II of 1882), as may from time to time, be approved by the State Government.(3)Nothing contained in this Section shall in any way affect any obligations accepted by or imposed upon the Patna University, under the Patna University Act, 1961 (II of 1962), 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 its Colleges.
