[Each University] shall have a General Fund to which shall be credited—
(i) its income from fees, endowments and grants and income from properties of [each University] including hostel, experimental stations and farm ;
(ii) contributions and grants made by the Government on such conditions as are consistent with the provisions of this Act ;
(iii) other contributions, grants, donations, benefaction and loans and other receipts.
(2) [Each University] shall form a fund called the Foundation Fund from contributions and grants made by the Central Government and the [State Government] for being credited to that fund and such other sums as may be specified by the Board, shall be credited to this Fund. The Board may as and when necessary retransfer such amounts as may be specified from the Foundation Fund to the General Fund, in the manner prescribed.
(3) [Each University] shall furnish such statements, accounts, reports and other particulars as the Government may require relating to any grant made by the Government and shall take such action furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and in such manner as the Government may direct.
(4) It shall be competent for [Each University] in furtherance of its objectives to accept the grants from the Government of Jammu and Kashmir or any other State Government or the Central Government or Statutory Bodies, or endowments or donations under such conditions as may be agreed upon between [each University] and the grantor or donor.