Utilisation of Funds, etc.

1. (1) All moneys collected, grants received and all property held

by the management on behalf of a private educational institution shall be utilised for the prescribed purposes and the purposes for which they are intended and shall be accounted for by the private educational institution in such manner as may be prescribed.

1. (2) The funds of the private educational institution shall be deposited by it in such manner as may be prescribed.