Vidhi Codex

section 42

Endowment Fund

The Sai Nath University, Jharkhand Act, 2012 (AMENDMENT) ACT, 2018
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Statutory text
  1. (1) The University shall establish an endowment fund of at least Rupees two crores.
  2. (2) The University shall have power to invest the endowment fund in such manner as may be prescribed.
  3. (3) The University may transfer any amount from the general fund or the development fund to the endowment fund. Except in the dissolution of the University, in no other circumstances can any money be transferred from the endowment fund for other purposes.
  4. (4) Not exceeding 75 percent of the incomes received from the endowment fund shall be used for the purposes of development works of the University. The remaining 25 percent shall be reserved into the endowment fund.

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