Section 26. Fund of the University

(i) The University shall be a self-finance University which may generate fund from the following sources:- (a) Any contribution or grant as may be made by the State Government; (b) Any contribution or grant made by the University Grants Commission or the Central Government or All India Council for Technical Education; (c) Any bequests, donations, endowments or other grants made by any private individual or institution; (d) Income received by the University from fees etc and (e) Amounts received from any other source. (ii) The amount of the said fund shall be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Central Act No. 2 of 1934), or in a corresponding new Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(Central Act No. 5 if 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act no. 40 of 1980) or may be invested in such securities authorized by the Indian Trust Act, 1982(Central Act No. 11 of 1982), as may be decided by Executive Council. (iii) The said fund may be utilized for such purpose of the University and in such manner as may be prescribed by the Rules.