(1) There shall be a University Fund which shall include––
         (a) any contribution or grant made by the University Grants Commission or the Central Government;
         (b) any contribution or grant made by the State Government;
         (c) any contribution made by Government, semi-Government or autonomous bodies;
         (d) any loans, gifts, bequests, donations, endowments or other grants, if any;
         (e) income received by the University from fees and charges;
         (f) 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 the industry for the establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and
         (g) amounts received in any other manner from any other source.
     (2) All funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on the recommendation of the Finance Committee.
     (3) The funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.