(1)

The University Fund shall be applicable to the following objects :-

(a) to the repayment of debts incurred by the University for the purposes of this Act and the Statutes, and the Ordinance and Regulations made thereunder;

(b) to the upkeep of the property of the University including the departments, regional centres, study centres, and the hostels;

(c) to the payment of cost of audit of the University Fund;

(d) to the expenses of any suit or proceedings to which University is a party;

(e) to the payment of salaries and allowances of the teaching and non-teaching staff of the University, Regional Centres, Study Centres and departments maintained by the University and in furtherance of the purposes of this Act, Statutes and Ordinances, and Regulations made thereunder and to the payment of other benefits;

(f) to the payment of travelling and other allowances of the members of the authorities of the University in pursuance of any provisions of this Act and the Statutes, Ordinances and Regulations made thereunder;

(g) to the payment of fellowships, scholarships and other awards to the students;

(h) to the payment of any expenses incurred by the University in carrying out the provisions of this Act and the Statutes, Ordinances, and Regulations made thereunder;

(i) to the payment of any other expenses not specified in any of the preceding clauses declared by the Board of Management to be the expense for the purposes of the University.

(2)

No expense shall be incurred by the University in excess of the limits for total recurring and non-recurring expenditure for the year fixed by the Board of Management.

(3)

No expenditure other than that provided for in the budget shall be incurred by the University without the previous approval of the Board of Management.