(1) There shall be a University Fund which shall include--
         (a) any contribution or grant made by the State Government;
         (b) any contribution or grant made by the University Grants Commission or the Central Government;
         (c) any contribution made by Government, semi-Government or autonomous bodies;
         (d) any bequests, donations, endowments or other grants made by any private individual or institution;
         (e) income received by the University from fees and charges; and
         (f) amounts received from any other source.
     (2) The amount of the said Fund shall be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934) or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) or may be invested in such securities authorised by the Indian Trusts Act, 1882 (2 of 1882) as may be decided by the Executive Council.
     (3) The said Fund may be utilised for such purposes of the University and in such manner as may be prescribed.