section 37
Permanent Endowment Fund
The GIM University Act, 2026Education202663 sections
Statutory text
- (1) The Society shall establish a Permanent Endowment Fund of at least rupees five crores.
- (2) The amount of the Endowment Fund shall be invested and kept invested until the dissolution of the University in long-term securities issued or guaranteed by the Government.
- (3) The University may transfer any amount from the General Fund or the Development Fund to the Endowment Fund.
- (4) Except in the dissolution of the University, no money shall be transferred from the Endowment Fund under any circumstances for purposes other than that of the University.
- (5) The University may utilise up to seventy-five per cent of the annual income from the Endowment Fund for the development of the infrastructure of the University and reinvest the balance of twenty-five per cent in the Endowment Fund.
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