Establishment of the University Fund.- 2[(1) There shall be a Fund in the name of the University referred in Section 3 of the Act to be called after the name of that University and the said Fund shall vest in the said University for the ______________________________ 1. Subs. by Act 68 of 1982. 2. Subs. by Act 17 of 1993. 2. Deleted by Act 21 of 2007.

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Purposes of the Act, subject to the provisions contained therein, and the following amounts shall be credited to it, namely:- (a) all sums contributed or granted to the University from the Consolidated Fund of the State of Bihar by the State Government for the purposes of the University or for the purposes of the Colleges and all sums borrowed by the University for the purpose of carrying out the provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder; (b) all money received by and on behalf of the institution and departments established and maintained by the University including all sums paid to the University under any provision of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder; (c) the balance amount as respectively standing, immediately before the commencement of this Act, to the Credit of the Bihar University, the Bhagalpur University, the Ranchi University, the Magadh University, the Kameshwar Singh Darbhanga Sanskrit University, and the Lalit Narain Mithila University constituted and incorporated under the Bihar State Universities (the Bihar University, Bhagalpur and Ranchi), Act, 1960 (Bihar Act 14 of 1960), Bihar Act 4 of 1962, Bihar Act 21 of 1965 and the Lalit Narain University (Second) Ordinance, 1976, (d) all interests and profit arising from endowments made to the University and all contributions, donations and subsidies received from any local authority or private person; (e) all fees payable and levied under this Act, and the Statutes, Ordinance and Regulations made thereunder; and (f) all other sums received by the University, not included in clauses (a), (b), (c), (d) or (e). (2) The University Fund shall be kept in such scheduled bank within the meaning of the Reserve Bank of India Act, 1934 (II of 1934), or invested in such securities authorized by the Indian Trusts Act, 1882 (II of 1882), as may from time to time, be approved by the State Government. (3) Nothing contained in this section shall in any way affect any obligation accepted by or imposed upon the Bihar University, the Bhagalpur University and the Ranchi University established by the Bihar Act 14 of 1960, or the Magadh University established by the Bihar Act 4 of 1962, or the Kameshwar Singh Darbhanga Sanskrit University established by the Bihar Act 21 of 1965, or Lalit Narain Mithila University established by the Bihar Ordinance no. 89 of 1976, by any declaration to trust executed by or on its behalf or by any scheme settled under the Charitable Endowments Act, 1890 (VI of 1890) for the administration of the trust in so far as such trust or scheme relates to the University or the College. Legislative changes (after 1982)-Ordinance 14 of 1993 substituted sub-section (1) of this section which prior to its substitution read as follows:- “(1) There shall be a Fund to be called the Bihar University Fund for the Bihar University, (2) a Fund to be called the Bhagalpur University Fund for the Bhagalpur University, (3) a fund to be called the Ranchi University Fund for the Ranchi University, (4) a fund to be called the Magadh University for the Magadh University, (5) a Fund to be called the Lalit Narain Mithila University Fund for the Lalit Narain Mithila University, and (6) a Fund to be called the Kameshwer Singh Darbhanga Sanskrit University Fund for the Kameshwar Singh Darbhanga Sanskrit University

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and this Fund shall vest in the University for the purpose of this Act, subject to the provision contained therein, and the following amounts shall be credited thereto, namely:- (a) all sums contributed or granted to the University from the Consolidated Fund of the State of Bihar by the State Government for the purpose of the University or for the purposes of the College and all sums borrowed by the University for the purpose of carrying out the provisions of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder; (b) all money received by and on behalf of the institution and departments established and maintained by the University including all sums paid to the University under any provision of this Act and the Statutes, Ordinances, Regulations and Rules made thereunder; (c) the balance amount as respectively standing, immediately before the commencement of this Act, to the credit of the Bihar University, the Bhagalpur University, the Ranchi University, the Magadh University, the Kameshwar Singh Darbhanga Sanskrit University, and the Lalit Narain Mithila Universities (the Bihar University, Bhagalpur and Ranchi) Act, 1960 (Bihar Act 14 of 1960), Bihar Act 4 of 1962, Bihar Act 21 of 1965 and the Lalit Narain Mithila University (Second) Ordinance, 1976. (d) all interests and profit arising from endowments made to the University and all contributions, donations and subsidies received from any local authority or private person; (e) all fees payable and leived under this Act and the Statutes, Ordinances and Regulations made thereunder; and (f) all other sums received by the University, not included in clauses (a), (b), (c), (d) or (e).” The substitution was retained by Act 17 of 1993 which repealed Ordinance 14 of 1993 with certain changes instead of naming various Universities the expression “Universities referred in Sec. 3” has been used).