Endowment Fund

Education201460 sections6 chapters

Chapter 6 Chapter 6

Statutory text

(1) The Sponsor shall establish an endowment fund of rupees three crore in the form of FDR in favor of University; pledged to the State Government, opened in a nationalized bank.
(2) The University shall have the power to invest the endowment fund in such a manner as may be prescribed ;
(3) The University may transfer any amount from the general fund or the development fund to endowment fund, excepting in the dissolution of the University, in no other circumstances can any money be transferred from the endowment fund for other purposes ;
(4) Not exceeding seventy five per cent of the incomes received from the endowment fund shall be used for the purpose of development work of the University, the remaining twenty five per cent shall be reversed in to endowment fund ;

Study data processing for this section.

PDF: pending for this language.