(1)
(a) all fees which may be charged by the University;
(b) all sums received from any other source;
(c) all contributions made by the Sponsor;
(d) all contributions/donations made in this behalf by any other person or body, which are not prohibited by any law for the time being in force.
(2) The funds credited to the general fund shall be applied to meet the following payments, namely :- 18
(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;
(e) 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;
(f) 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;
(g) 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 Act;
(h) the payment of any expenses incurred by the University in carrying out the provisions of this Act, and the Statutes or the rules made thereunder;
(i) the payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof;
U) the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, and the Statutes, and the rules made thereunder;
Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non recurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management:
Provided further that the General fund shall be.applied for the objects specified under sub-section (2) with the prior 19 Development 43. (1) Fund approval of the Board of Management of the University.
The University shall also establish a development fund to which the following funds shall be credited, namely
(a) .Development fees which may be charged from students;
(b) all sums received from any other source for the purposes of the development of the University;
(c) all contributions made by the Sponsor;
(d) all contributions/donations made in this behalf by any other person or body which are not prohibited by any law for the time being in force; and
(e) all incomes received from the endowment fund.
(2) The funds credited to the development fund from time to time shall be utilized for the development of the University.
The annual report of the University shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval;
(2) the Board of Governors shall consider the annual report in its meeting and may-approve the same with or without modification;
(3) a copy of the annual report duly approved by the Board of Governors shall, be sent to Visitor and the State Government on or before December 31 following close of the financial year in March 31 each year The annual accounts and Balance Sheet of the University shall be prepared under the direction of the Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University.
Maintenance of fund