(1) Each University shall establish a fund to be called the University Fund.
(2) The following shall form part of, or be paid into, the University Fund :-
(a) any contribution or grant by the Government ;
(b) the income of the University from all sources, including income from fees and charges and sale proceeds of farm products ;
(c) bequests, donations, endowments and other grants, if any, received by the University.
(3) With the previous sanction of the State Government, any portion of the University Fund may, from time to time, be credited by the University to a separate heading in the University accounts, provided that there shall be credited and debited to such special heading such sums only as shall expressly relate to the objects for which a special fund is so created.
(4) The University Fund shall, at the discretion of the Executive Council, be kept in the State Bank of India, or in any scheduled bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (X of 1949), or in a co-operative bank approved by the State Government for the purpose, or be invested in securities authorised by the Indian Trusts Act, 1882 (II of 1882), or, subject to the maximum limits of rupees five lakhs, in the shares of, or by giving loans to, consumers’ co-operative societies established for the purposes of the University or any of the affiliated colleges or recognised institutions.
(2) The following shall form part of, or be paid into, the University Fund :-
(a) any contribution or grant by the Government ;
(b) the income of the University from all sources, including income from fees and charges and sale proceeds of farm products ;
(c) bequests, donations, endowments and other grants, if any, received by the University.
(3) With the previous sanction of the State Government, any portion of the University Fund may, from time to time, be credited by the University to a separate heading in the University accounts, provided that there shall be credited and debited to such special heading such sums only as shall expressly relate to the objects for which a special fund is so created.
(4) The University Fund shall, at the discretion of the Executive Council, be kept in the State Bank of India, or in any scheduled bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (X of 1949), or in a co-operative bank approved by the State Government for the purpose, or be invested in securities authorised by the Indian Trusts Act, 1882 (II of 1882), or, subject to the maximum limits of rupees five lakhs, in the shares of, or by giving loans to, consumers’ co-operative societies established for the purposes of the University or any of the affiliated colleges or recognised institutions.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Incorporation of Universities.Section 4 · Objects and medium of instruction and examination of University.Section 5 · Admissions to University and concessions for certain classes.Section 6 · Powers and functions of University.Section 7 · Duties of University to help agricultural development programmes of Government.Section 8 · For failure to comply directions under section 7, power to resume lands vested in the University.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.