law: 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.