Section 8 of The Indian Maritime University Act, 2008
- (1)There shall be a University Fund which shall include--
- (a)any contribution or grant made by the Central Government or an instrumentality of the Central Government;
- (b)any contribution or grant made by the State Governments;
- (c)any contribution from the shipping companies, off-shore construction companies and diving companies;
- (d)any bequests, donations, endowments or other grants made by any private individual or institution;
- (e)income received by the University from fees and charges; and
- (f)amounts received from any other source.
- (2)The said fund shall be utilised for such purposes of the University and in such manner as may be prescribed by the Statutes and the Ordinances.
Summary
- The university must maintain a specific University Fund to hold its money.
- This fund collects financial contributions and grants from the Central Government and the State Governments.
- The fund accepts money from shipping companies, off-shore construction companies, and diving companies.
- Private individuals and institutions can contribute to the fund through bequests, donations, or endowments.
- Student fees, university charges, and amounts from any other source also go directly into this fund.
- The money in this fund can only be spent for purposes and in the ways that are outlined by the Statutes and the Ordinances.
Practical examples
FAQ
1. Can a regular person leave money to the university in their will?
Yes, the fund includes any bequests, donations, or endowments made by any private individual.
2. Do state governments contribute to this fund, or only the central government?
Both the Central Government and the State Governments can make contributions or grants to the fund.
3. Can the university spend the fund money on whatever the administration wants?
No, the fund must be utilised only for the purposes and in the manner prescribed by the Statutes and the Ordinances.
Test yourself
Q1.Under Section 8 of The Indian Maritime University Act, 2008, which specific types of private companies are explicitly mentioned as contributors to the University Fund?
Q2.Under Section 8 of The Indian Maritime University Act, 2008, where do the tuition fees paid by students go?
Q3.Under Section 8 of The Indian Maritime University Act, 2008, what legal documents dictate how the University Fund can be spent?
Q4.A wealthy sailor leaves a large sum of money to the university in his will. Under Section 8 of The Indian Maritime University Act, 2008, is this allowed to be added to the University Fund?