(1) The sponsoring body shall establish an Endowment Fund for the University with an amount of three crore re rupees which shall bepledged to the Government.
(2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Ordinance, rules, regulations, statutes or ordinances made thereunder.
(3) The Government shall have the powers to forfeit, in the prescribed mannet, a part or whole of the Endowment Fundin case the University or the sponsoring body contravenes any of the provisions of this Ordinance, tules, statutes, ordinances or regulations made thereunder.
(4) Income from Endowment Fund shall be utilized for the development of infrastructure of the University but shall notbe utilized to meet out the. recurring expenditure of the University.
(5) The amount of Endowment Fund shall be kept invested, until the dissolution of the :
University, by way of Fixed Deposit Accounts in any Scheduled Bank subject to the condition that this Rund shall not be withdrawn without the permission of the Government.
5180 9, WaT,—wee, 30 Aaa, 2010/8 anfsaa, 1932 General Fund.—University shall establish a fund, which shall be called the General Fund to which following shall be credited, namely:-
(a)
(b)
(c)
(d) ©)
10.
fees and other.charges-received by theUniversity;
— any contribution made by the sponsoring body;
any income received from consultancy and other works undertaken by the University; - bequests, donations, endowments and any other grants; and allother:sums received by the University.— Application of General Fund.—The Genéial Fund shall be utilized for the following purposes, namely?-
(a)
(b)
(c)
(d)
(ec)
(f)
(g)
(h)
(i)
(i)
(k) () for the payment of salaries and allowances of of the University and members of the teaching and research staff, and for payment of any Provident Fund contributions, gratuity and other benefits to such officers arid employees;
for the expenses to be incurred by the University for services availed including services like electricity, telephone etc.;
for the payment of taxes or local levies wherever applicable;
for up keeping of the assets of the University;
for the payment of debts including interest charges thereto incurred by the University, for the payment of travelling and other allowances to the members of the Governing Body, the Board ofManagement and the Academic Council etc.;
for the payment of fellowships, freeships, scholarships, assistantships and other awards to students belonging to economically weaker sections of the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards under the statutes,ordinances, regulations or rules made under’ this Ordinance;
for the payment of the cost of audit of the. funds created under sections 8 and9 of this Ordinance;
the meeting ofexpenses ofany suit or proceedings to which University is a party;
for the purpose ofmovable and immovable assets;
for the payment of any expenses incurred by the University in carrying out the provisions of this Ordinance or the statutes, ordinances, regulations or rules made thereunder; and é for the payment of any other expenses as approved by the Board ofManagement to be an expense for the purposes of the University:
Provided that no expenditure shall be incurred by the Universityin excess of the limits for total recurring expenditure and total non-recurring expenditure for the year, as may be fixed by the _ Board ofManagement, without its prior approval:
3 34 WAT;"freer eer 30 fiaray, 2010/8saa, 1932. 5181
Provided further that theGenera} Fund shall, for the purpose specified under sub-clause (e), be applied with the prior approval ofthe Governing Body.
namely:-
(i) the Chancellor;
(ii) the Vice-Chancellor;
(iii) the Registrar;
(iv) the Chief Finance and ‘Accounts Officer;and
(v) such other persons in the service of the University as may be declared by the statutes to be the officers of the University.