ADVOKS GLOBAL · KENYA
The Charter to Establish Africa Nazarene University
23. Funds of the University
Edition: 2022-12-31 · In force
23. Funds of the University
(1)The sources of the funds of the university shall be—(a)tuition fees, boarding and catering charges and other fees charged by the University;(b)income from the university's auxiliary enterprises and investments;(c)Such other sources as the University Council may from time to time determine.(2)The University may, from time to time, invite, and with or without such invitation, may receive contributions or funds by way of donations or otherwise for the support and for the benefit or purpose of the University.(3)All the funds of the University shall be deposited in the name of the University at a bank or banks approved by the Council.(4)The funds of the University shall be deposited in—(a)a capital funds account designated for the development of movable or immovable property; and(b)an operational funds account and such other accounts as may be established for the day-to-day management and administration of the University.(5)The funds in the above accounts shall not be combined without the written approval of the Council.(6)The Council shall appoint the signatories for each of the accounts of the University in such manner as may be stipulated in the Statutes.(7)The Council may invest any of the funds of the University in such securities and bonds as the Council may, from time to time, approve.