(a) the first Vice-Chancellor and Pro Vice-Chancellor, if any shall be appointed by the Chancellor and the said officer shall hold office for a term of three years;
(b) the first Registrar and the first Finance Officer shall be appointed by the Chancellor who shall hold office for a term of three years;
(c) the first Board of Governors shall hold office for a term not exceeding three years;
(d) the first Board of Management, the first Finance Committee and the first Academic Council shall be constituted by the Chancellor for a term of three years.
Permanent Endowment Fund
41. (1) The University shall establish a permanent endowment fund of at least rupees three crores which may be increased suo motu but shall not be decreased.
(2) The University shall have power to invest the permanent endowment fund in such manner as may be prescribed.
(3) The University may transfer any amount from the general fund or the development fund to the permanent endowment fund. Excepting the dissolution of the University, in no other circumstances can any monies be transferred from corpus of the endowment fund for other purposes.
(4) Not exceeding 75% of the incomes received from the corpus permanent endowment fund shall be used for the purposes of development works of the University. The remaining 25% shall be reinvested into the permanent endowment fund.
General Fund 42. (1) 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 received form any other source;
(c) all contributions made by the Patanjalii Yog Peeth (Trust).
(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 all the recurring expenditure of the University.
Development Fund