Section 59 in The Karnataka State Rural Development and Panchayat Raj University Act, 2016
59. Funds of the University.
(1)There shall be for the University a University Fund which shall include,-(a)any contribution or grant made by the State Governments;(b)any contribution or grant made by the University Grants Commission or the Central Government;(c)any bequests, donations, endowments or other grants made by private individuals or institutions or foreign agencies;(d)income received by the University from fees and charges, and(e)amounts received from any other source.(2)The amount in the said Fund shall be kept in a Nationalised or Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Acts of 1970 and 1980 or may be invested in such securities authorized by the Indian Trusts Act, 1982, as may be decided by the Executive Council.(3)The said Fund may be employed for such purpose of the University and in such manner as may be prescribed by regulations.
