Endowment Fund

Education200537 of 39 sections available

Statutory text

(1) The sponsoring body of the private university shall establish an endowment fund as may be specified by the State Government in the form of a fixed deposit in a scheduled bank. (2) The endowment fund shall be used as a security deposit to ensure that the private university complies with the provisions of this Act and the rules and regulations made thereunder. (3) The private university shall not have the right to withdraw or transfer the endowment fund without the prior permission of the State Government. (4) The State Government shall have the right to forfeit the endowment fund if the private university fails to comply with the provisions of this Act or any rules or regulations made thereunder.

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