(1) The University shall maintain a Fund to which shall be credited—

(a) all moneys provided by the Central Government;

(b) all moneys received from State Governments;

(c) all fees and other charges received by the University;

(d) all moneys received by the University by way of grants, gifts, donations, benefactions, bequests or transfers;

(e) all interest from corpus, or any other such earnings;

(f) any loans taken by the University;

(g) 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 such industry for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and

(h) all moneys received by the University in any other manner or from any other source.

(2) All moneys credited to the Fund of the University shall be deposited in such banks or invested in such manner as the University may, with the approval of the Finance Committee, decide.

(3) The Fund of the University shall be applied towards the expenses of the University including expenditure incurred in the exercise of its powers and discharge of its functions by or under this Act.