Education Committee, the first Research Council and the first Academic Council shall be constituted by the Chancellor.

Permanent Statutory Endowment Fund.- (1) The University shall establish a Permanent Statutory Endowment Fund of rupees twentyfive crores which may be increased suo moto but shall not be decreased.

1. (2) The University shall have power to invest the permanent Statutory Endowment Fund in such manner as may be prescribed.
2. (3) The University may transfer any amount from the General Fund or the Development Fund to the permanent Statutory Endowment Fund. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from permanent Statutory Endowment Fund for other purposes.
3. (4) Seventy five percent of the incomes received from permanent Statutory Endowment Fund shall be used for the purpose of development or general work of the University. The remaining twenty five percent shall be reinvested in the permanent Statutory Endowment Fund.