University Grants Commission Act 1956

16. Fund of the Commission.

(1) The Commission shall have its own Fund; and all sums which may, from time to time, be paid to it by the Central Government and all the receipts of the Commission (including any sum ---------------------------------------------------------------------- 1. Ins. by Act 59 of 1984, s.4 (w.e.f 1-10-1984). 2. Ins. by Act 33 of 1972, s. 7 (w.e.f 17-6-1972). 3. Subs. by s. 7 ibid., "for its failure to comply with such recommendation" (w.e.f. 17-6-1972). 111 which any State Government or any other authority or person may hand over to the Commission) shall be carried to the Fund and all payments by the Commission shall be made there from.

(2) All moneys belonging to the Fund shall be deposited in such banks or invested in such manner as may, subject to the approval of the Central Government, be decided by the Commission.

(3) The Commission may spend such sums as it thinks fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Commission.