(1)The University shall establish and constitute a fund to be known as General Fund of the University to which the following shall be credited: -(a)fees and other charges received by the University from the students;(b)any contribution made by the Sponsoring trust;(c)any income received from consultancy and other work undertaken by the University in pursuance of its objectives;(d)trusts, bequests, donations, endowments and any other grants; and(e)all other sums received by the University from any source whatsoever.(2)The General Fund of the University may be utilized for the following purposes:-(a)for payment of debts including interest charges thereto incurred by the University;(b)for upkeep of the assets of the University;(c)for the payment of cost of audit of the University;(d)for meeting the expenses of any suit or proceedings to which the University is a party;(e)for payment of salaries and allowances of the officers and nonteaching employees or the University and members of the teaching and research staffs and for payment of any provident fund contribution, gratuity and other benefits to any such officers, employees and members of teaching and research staff;(f)for the payment of travelling and other allowances of the members of the Governing Board, the Academic Councils and other authorities so declared under the Statutes of the University and of the members of any committee appointed by any of the authorities or by the Chancellor or the Vice-Chancellor and other officers and employees in performance of official duties, as the case may be, of the University;(g)for the payment of fellowships, free-ships, scholarships, assistance ships and other awards to the students belonging to economically weaker sections of the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards under the Statutes, Regulations and the Ordinances;(h)for the payment of any expenses incurred by the University in discharging its functions;(i)for payment of cost of capital expenditure not exceeding the prevailing bank rate of interest, incurred by the Sponsoring trust for setting up the University and the investment made therefor;(j)for the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of this Act; and(k)for the payment of any other expenses including service fees payable to any organization charged with the responsibility of providing any specific service, including the managerial services to the University on behalf of the Sponsoring trust, as approved by the Governing Board to be an expense incurred for the purpose of the University.
