The University Fund shall be applicable to the following objects-
(a) to the re-payment of debits incurred by the University for the purposes of this Act and the Statutes, the Ordinance, the Regulations and the Rules made thereunder;
(b) to the upkeep of department established by the University, hostels maintained by it and Colleges transferred to it;
(c) to the payment of the salaries and advances of officers, teachers and other servants of the University, and of any provident fund contributions to any such officers, teachers and other servants;
(d) to the payment of the travelling and other allowances of the members of the Senate, the Syndicate, the Academic Council and any other authorities of the University, or the members of any Committee or Boards appointed in pursuance of any provisions of this Act and the Statutes, the Regulations and the Rules made thereunder;
(e) to the making of grants to the Colleges and other institutions;
(f) to the payment of the cost of audit of the University fund under section 52 and of the cost of audit of the accounts of any College under section 53.
(g) to the payment of expenses of any suit or proceeding to which the University is party;
(h) to the payment of any expense incurred by the University in carrying out the provisions of this Act and the Statutes, the Ordinance, the Regulation and the Rules made thereunder; and
(i) to the payment of any other expense, though not specified in any of the preceding clauses, but declared by the Senate to be the expense for the purpose of the University.