Endowment Fund:

35. Endowment Fund: (6) The Sponsoring Body shall establish an Endowment Fund for the University with an amount specified in the Letter of Intent. (7) The Endowment Fund shall be used as security deposit to ensure that the University complies with the provisions of this Act and functions as per the provisions of this Act, the Statutes and the Ordinances. The State Government shall have the power to forfeit a part or whole of the Endowment Fund in case the University or the Sponsoring Body contravenes the provisions of this Act, Statutes, the Ordinances, the regulations or the rules made there under. (8) The University may utilize the income from the Endowment Fund for the development of infrastructure of the University and not for meeting the recurring expenditure of the University. (9) The University shall have power to invest the Endowment Fund in such manner as may be prescribed. (10) Except in the event of dissolution of the University, in no other circumstances can any moneys be transferred from the Endowment Fund for other purposes.