(1)
(2)
(3) The University shall establish an endowment fund of at least Rs.
1,00,00,000/- (Rupees one crore).
The University shall have power to invest the endowment fund in such manner as may be prescribed by rules.
The University may transfer any amount from the general fund or the development fund to the endowment fund. Except for the dissolution of the University, in no other circumstances money/ funds can be transferred from the endowment fund for other purposes.
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(4) Not exceeding 75 percent of the incomes received from the endowment fund shall be used for the purposes of development works of the University, The remaining 25 percent shall be reinvested into the endowment fund.
The amount of Endowment Fund shall be kept invested, until the dissolution of the University.
The University shall establish a general fund to which the following amount shall be credited, namely:
(a) all fees which may be charged by the University;
(b) all sums or payments received from any other source;
(c) all contributions made by the Sponsoring Body;
(d) all contributions/donations/grants made in this behalf by any other person or organisation, which are not prohibited by any law for the time being in force.
The funds credited to the general fund shall be applied to meet the following payments, namely :-
(a) The repayment of debts including interest charges thereto incurred by the University for the purposes of this Act, the Statutes and the rules made there under;
(b) the upkeep of the assets of the University;
(c) the payment of the cost of audit of the fund created under Section 41.
(d) meeting the expenses of any suit or proceedings to which University is a party;
the payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff;
the payment of travelling and other allowances of the members of the Board of Governors, the Board of Management, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act or the Statutes or the rules made thereunder;
the payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Statutes or rules of the University under the provisions of this General fund
(5)