(1) For each university under this Act, there shall be a fund called a university fund which shall include,-
(i) any contribution or grant made by the State Governments ;
(ii) any contribution or grant made by the University Grants Commission or the Central Government ;
(iii) any contribution made by the Bar Council of India ;
(iv) any contribution made by the State Bar Councils ;
(v) any bequests, donations, endowments or other grants made by private individuals or institutions ;
(vi) income received by the university from fees and charges; and
(vii) amounts received from any other source.
(2) The amount in the said fund shall be kept in a Scheduled Bank within the meaning of clause (e) of the Reserve Bank of India Act, 1934 (2 of 1934) or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or, as the case may be, under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or may be invested in such securities authorized by the Indian Trusts Act, 1882 (2 of 1882), as may be decided by the Executive Council.
(3) The said fund may be employed for such purpose of the university and in such manner as may be prescribed by the regulations.