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.