State Act

THE MAJULI UNIIVERSITY OF CULTURE ACT, 2017

28. (1) The University shall establish a fund to be called the University fund. (2) The following shall form a part of, or be paid into, the University fund, namely:- (a) any contribution or grant by the Government, Central Government, University Grants Commission, Industrial Undertaking, Corporations, Companies Associations, other bodies or local authorities; (b) any income of the University from all sources including income from fees and charges and sale proceeds; (c) bequests, donations, endowments and other grants, if any, received by the University; and (d) miscellaneous receipts. (3) With the prior approval of the Government, the University may, from time to time, establish such other funds in such name and for such specific purposes as may be decided by the Board. (4) The fund shall be kept in a Nationalised or Scheduled Bank or invested in such securities as may be decided by the Board. (5) The funds and all monies of the University shall be managed in such manners as may be prescribed by the Statutes.