(5)The University Fund shall, at the discretion of the Executive Council, be kept in the State Bank of India, or in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949, or in a Co-operative Bank approved by the State Government for the purpose, or in the University and College Development Finance Corporation, as and when established, or be invested in Securities authorised by the Indian Trusts Act, 1882, or, subject to the maximum limit of rupees five lakhs, in the shares of, or by giving loans to, the Consumers' Co-operative Societies established for the purposes of the University, or of any of the colleges or Recognised Institutions.
