Section 23 in Visvesvaraya Technological University Act, 1994
23. Funds of the University.
(1)The University shall have General Fund to which shall be credited,-(i)its income from fees, grants, donations, gifts, if any;(ii)contributions or grants that may be made by the Central Government, State Government, University Grants Commission, All India Council for Technical Education or like authority or any local authority or any corporation owned or controlled by the Government;(iii)other contributions, receipts, grants and donations and benefactions;(iv)contributions from industry, business and technical departments of the Government and other user organisations:Provided that the funds received by the University under item (iv) above shall be called the Development Fund of the University which shall be utilised for the promotion of Technological Education and Research both within the University and in the constituent units without diverting the same for normal capital or recurring expenditure of the University.(2)The University may have such other funds as may be prescribed by the Statutes.(3)The General Fund, the Development Fund and the other funds of the University shall be managed according to the provisions laid down in the Statutes.(4)The Government shall, every year, make nonlapsable lumpsum grants to the University as follows:-(a)a grant not less than the net expenditure incurred in the financial year immediately proceeding the appointed day in respect of the activities of the Colleges of Engineering, Technology and allied sciences which are transferred to the University and the Divisions of the University;(b)a grant not less than the estimated expenditure on pay and allowances of the staff, contingencies, supplies and services of the University;(c)a grant to meet such additional items of expenditure, recurring and non-recurring as the Government may deem necessary for the proper functioning and development of the University.(5)[ the funds of the University shall be invested in any of the Scheduled Banks.(6)The funds and income of the University shall be solely utilized for achievement of the objects of the University and no payment shall be made to the trustee or members by way of profit, interest or dividends etc.] [Inserted bye Act 36 of 2015 w.e.f 01.04.1998.]
