CHAPTER V
FINANCES

University Fund
         32.    (1)    The 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 rent, contribution or grant by Central or State Government or any body corporate;
                            (b) trusts, bequests, donations, endowments and other grants if any;
                            (c) the income of the University from all sources including income from fees and charges;
                            (d) all other sums received by the University.

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   * The M P Vishwavidyalaya(Sansodhan)Adhiniyam,1991 (No. 23 of 1991)

           (3)    The University Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act,
                  1934, (No. 2 of 1934), or invested in securities authorised by the Indian Trusts Acts, 1882 (No. 2 of 1882),
                   at the discretion of the Executive Council.
           (4)   Nothing in this section shall in any way affect any obligations accepted by or imposed upon the University
                   by any declaration of trust executed by or on behalf of the University for the administration of any trust.

Objects to which University Fund may be applied
         33    (1)    The University Fund shall be applicable to the following objects, and in the following order :
                        (a) to the repayment of debts incurred by the University for the purposes of this Act and the Statutes,
                             the Ordinances and Regulations made thereunder;
                        (b) to the upkeep of colleges, teaching, departments, schools of studies established by the University,
                              residence and halls;
                        (c) to the payment of the cost of audit of the University Fund;
                        (d) to the expenses of any suit or proceeding to which University is party;
                        (e) to the payment of salaries and allowances of the officers and employees of the University, members
                             of the teaching staff and the establishment employed in the colleges, the teaching departments and
                             school of studies maintained by the University for and in furtherance of the purposes of this Act, and
                             the Statutes, the Ordinances and the Regulations made thereunder and to the payment of any
                             Provident Fund contributions, gratuity and other benefits to any such officers and employees,
                             members of the teaching staff or the members of such establishment.
                          (f) to the payment of the travelling and other allowances of the members of the Court, Executive Council
                             and the Academic Council and any other authorities of the University and/or the members of any
                             committee or Board appointed by any of the authorities of the University in pursuance of any
                             provision of this Act, and the Statutes, the Ordinances and the Regulations made thereunder.
                       (g) to the payment of fellowships, scholarships, studentships and other awards to students;
                        (h) to the payment of any expenses incurred by the University in carrying out the provisions of this Act,
                             and the Statutes, the Ordinances, and the Regulations made thereunder.
                        (i) to the payment of any other expenses not specified in any of the preceeding clauses declared by the
                            Executive Council to be the expense for the purposes of the University.

                  (2)    No expenditute shall be incurred by the University in excess of the limits for total recurring expenditure
                          and total non-recurring expenditure for the year fixed by the Executive Council without the previous
                          approval of the Executive Council.

                  (3)    No expenditure other than that provided for in the budget shall be incurred by the University without the
                          previous approval of the Executive Council.