Section 31. Funds of University

31. (1) The University shall establish a fund to be called the ‘University Fund’ consisting of,- (i) any contribution or grants or loans by the State Government and the Central Government; (ii) the income of the University from all sources including income from fees and charges; (iii) the moneys received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfer endowments and other grants, if any; (iv) the moneys received by the University from the collaborating industries in terms of the provisions of the Memorandum of Understanding entered between the University and the industry, for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and (v) the moneys received by the University in any other manner or from any other source. (2) All funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on the recommendation of the Finance Committee. (3) The funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.