(1) No suit or other Eegalproceedings shall lie againstany officer. other employeeof,the•Universityfor anything,which is done good faith or .intendedto bedone -in pursuanceoi the provisions of this Act.•,the Statutes or the Rules,
(2) Nothing in sub-section(1) shall bea bar for filing suits, prosecutions or other legal proceedings for anything done in contravention of the provisions of this Act and the Rules or•Statute made thereunder and any other law for the lime being in force.
40. Notwithstandinganfrling contained in this Act and the Stalutesr — Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark -26- the first Vice•Chancellor shall be appointed by%theChaErmenrandthe saidofficåshall holdofice a term of three years;
(b)thefirstReglsträrandthefirstControllerof Finance shall be appinted by the wt'ß shall, hold offce a afthree years;
(c) the•first Boardof Governorsshall hold for a term not exceeding three years; and fre first Boardof Management,the first Finance Committee and the first Academic Council shad be consttuted by the Chairman for a term of hree years.
41.(1) The SponsoringBody shill estabksh anEndNTElfl Find.
Gavel Fund.
EndowmentFundof Rupeestwenty-five Crores,
(2) The amountof EndowmentFund shall be and kept iniestedtuntilthe lissolutionOf the Universityin long term securiti••,
(3) Uriversty transteranyanunt• fromthe Fund the Dege!opmentFurd to te Fund.
(4) Exceptirgin he dissolutionof Universty,no moneycan be transferrejfrom tre EndowmentFtmduider anyotEr cirw•nslancesfor thenthatof the University.
(5)Outcf the incomesreceivedfrom.us Endowment Furd, an amcwntnot seventyfive petceNum shafl be used f0F the purposesof developnintworksof the Universityandthe remairirgtwentyfivepercentwtlshall'be reinvestd in the Endowrnent Fund.
42, (1) IJniætsiV eteblish a Fundto.
thefollowingamouNshallbecredited,namely: —
(a)allfeeswhichmaybechargedbytheUniversity;
(b) a" uns receivedfromanydhar source;
•u cmtfibutions mede spohwins Body;
end Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark -27-
(d) Ellwatibutions ordonationsmadein tlis behaFf by any .0E person or Body which ce rd 'Yohibite:i by any law for tl•e time beire in force.
(2) The amount credited to the eneral Fund shall be applied Eomeet the payrnents, namely:—
(a) tre repayment of debts tßuding interest charges thereto incurred by the University for the purposes Df this Act and the Statutes, and the Rules made thereurW..
upkeepng assts of theUniversity;
(c) the payment of the cost (f audit of the fund created under this sedion 43;
{d) rnætingthe exFnses of any suitor proceedings to whichtheUnißt$ity isa pgrty;
the paymeptof salariesand allowancæof offærs and employees of the University membersof teachingand researchstaff, and payment of any Pr0vident. 'Fund conthbujors, gratuity nd other benefits tc any such officers, employees, members of the teaching •andresearch staff;
(f) the payment• of travelling and other allowances of the members of the Board of Governors. the Boårå of Management, Academic Council, and other authorities so under the Statutes of the University and of the members ef any Committee or Board appointed by any of the authorities of the University pursuanceof any provisions of tis Act. , or the Statutes, or the Rules made thereunder
(g) .the payment of fellowships, fretskips, Scholarships, assislantships and other awards to students, research associates or trainees eligible for such awards under the Statutesor Rulesof the unive8]ty;
Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark Develop—.
Fund.
(h) thepaymentof anyexpensesit•wurredbythe Universityin cawing out provisionsof this Ad, ahd the Statutes or tie Rules;
(i) thepaymentof costof capital,notexceeding the-pteeilicg bad. rate of ictetest. incurred by theSponsoringBodyfor settingup the University and the Investrnentsmade thereof
(j) the paymentof *targes and expenditure.
relaing to the consultatwywork undertaken by the Universityin• pursuanceof the provisionsofthisACt.,andtheStatutesand the Rules; and (Othepaymento!anyothere*pensesincludlnga managementfeepayabieto anyorganization •cutged responsibility managing the Universityon behaf of the Sponsoing Body, as apprvved by the Board of Management- to bé an expensefor the purposesof theUniversity:
Providedthat no experiiture shall be incurredby UniwrsityinexcesOfti•wtimitsfCKtotalrecurringexpenditt.re alid totai Inn-recurring•experiiturefor the yær gs may be fixed..by the Boardof Marzgement the previöus Bczd of Nknagement Proidai that the eneral Fund shall applied fu the obj«åsspcified tis he pti0f approvdoi the ofMan4ementofhe Univasity,