42. Object to which University Fund may be applied.

(a) payment of debts incurred by the university for the purpose of this Act and statute, the ordinance and regulation made thereunder;
(b) upkeep of colleges, teaching departments, schools of studies established by the university, residence and hostels;
(c) payment of the cost of audit of the University Fund;
(d) expenses of any suit or proceedings to which University is a party;
(e) payment of salaries and allowances of the officers and employees of the university, members of the teaching staff and the establishment employed in the colleges maintained by the university for and in furtherance of the purposes of this Act and the statute, the ordinance and regulation made thereunder and to the payment of any Provident Fund Contributions, gratuity and other benefits to any such officers and employees, members of the teaching staff or the members of such establishment;
(f) payment of the travelling and other allowances of the members of the Board of Management, the Academic Council and any other authorities of the University or the members of any Committee or Board constituted by any of the authorities of the University in pursuance of any provision of this Act and the Statute, Ordinance and Regulation made thereunder;
(g) payment of fellowships, scholarships, studentships and other awards to students;
(h) payment of any expenses incurred by the university in carrying out the provisions of this Act and the Statute, Ordinance and Regulation made thereunder;
(i) payment of any other expenses not specified in any of the preceding clauses declared by the Board of Management to be the expenses for the purposes of the university.