Endowment Fund

Education201249 sections6 chapters

Chapter 6 Chapter 6

Statutory text

(1) The Sponsoring body shall establish an Endowment Fund for the University with an amount of three crores rupees which shall be pledged to the Government.
(2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes or ordinances as made there under.
(3) The Government shall have the power to forfeit, in the prescribed manner, a part or whole of the Endowment Fund in case the university or the sponsoring body contravenes any of the provisions of this Act, rules, statutes, ordinances or regulations made there under.
(4) Income from Endowment Fund shall be utilized for the development of infrastructure of the university but shall not be utilized to meet out the recurring expenditure of the university.
(5) The amount of Endowment Fund shall be kept invested, until the dissolution of the university, by way of Fixed Deposit Accounts in any Scheduled Bank subject to the condition that this Fund shall not be withdrawn without the permission of the Government.

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