CPU Act 10

Section 10 · Application of General Fund

- The General Fund shall be utilized for the following purposes, namely: -

(a)

for the payment of salary and allowances of the employees of the University and members of the teaching and research staff, and for payment of any Provident Fund contributions, gratuity and other benefits to such officers and employees;

(b)

for the expenses to be incurred by the University for services availed including services like electricity, telephone etc.;

(c)

for the payment of taxes or local levies wherever applicable;

(d)

for up keeping of the assets of the University;

(e)

for the payment of debts including interest charges thereto incurred by the University;

(f)

for the payment of travelling and other allowances to the members of the Governing Body, the Board of Management and the Academic Council etc.;

(g)

for the payment of fellowships, free ships, scholarships, assistant ships and other awards to students belonging to economically weaker sections of the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards under the statutes, ordinances, regulations or rules made under this Act;

(h)

for the payment of the cost of audit of the funds created under sections 8 and 9 of this Act;

(i)

for the meeting of expenses of any suit or proceedings to which University is a party;

(j)

for the purpose of movable and immovable assets;

(k)

for the payment of any expenses incurred by the University in carrying out the provisions of this Act or the statutes, ordinances, regulations or rules made thereunder; and

(l)

for the payment of any other expenses as approved by the Board of Management to be an expense for the purposes of the University:

Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year, as may be fixed by the Board of Management, without its prior approval:Provided further that the General Fund shall, for the purpose specified under sub-clause (e), be applied with the prior approval of the Governing Body:Provided further that no portion of the income and property of the University shall be paid or transferred directly or indirectly, by way of dividend, bonus or otherwise howsoever by way of profit to the persons who were at any time or are members of the University or to any of them or any persons claiming through them, provided that nothing herein contained shall prevent the payment in good faith of remuneration to any member thereof or other person as consideration for any service rendered to the University or for travelling or other allowances and such other charges.

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