Section 34 in The Mahatma Gandhi Chitrakoot Gramodaya Vishwavidhyalaya Adhiniyam, 1991
34. University Fund and Government Grant.
(1)The University shall establish a fund to be called the University Fund.(2)The following shall form part of or be paid into the University Fund :-(a)any rent, contribution or grant by Central or State Government or by body corporate;(b)trusts, bequests, donations, endowments and other grants, if any;(c)the income of the University from all sources including income from fees and charges;(d)all other sums received by the University.(3)The Government shall ordinarily make an annual grant of Rs. Two Crores. The said grant shall be released in two instalments during the year. The first instalment shall be payable in the beginning of the year and the second instalment shall be payable after an interval of six months.(4)The University Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (No. 2 of 1934) or vested in securities authorised by the Indian Trusts Act, 1882 (No. 2 of 1882) at the discretion of the Board.(5)Nothing in this section shall in any way affect any obligation accepted by or imposed upon the University by any declaration of trust executed by or on behalf of the University for the administration of any trust.
