Endowment Fund

Education201550 sections

Statutory text

(1) The sponsoring body shall establish a permanent statutory fund to be called “the Endowment Fund” for the University which shall comprise of atleast five crore rupees, which may be increased suo motu but shall not be decreased.
(2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes or ordinances made thereunder.
(3) The Government shall have the powers to forfeit, in the prescribed manner, a part or whole of the Endowment Fund, in case the University or the sponsoring body contravenes any of the provisions of this Act, rules, statutes, ordinances or regulations made thereunder.
(4) Income from the Endowment Fund may be utilized for the development of infrastructure of the University but shall not be utilized to meet out the recurring expenditure of the University.
(5) The amount of Endowment Fund shall be kept invested, until the dissolution of the University, by way of long-term securities received or guaranteed by the Government, subject to the condition that, the amounts so invested from the fund shall not be withdrawn without the permission of the Government.
(6) The certificates of the long-term securities shall be kept in the safe custody of the Government; and the Government shall have the right to encash the deposit amount for the purpose mentioned in sub-section (3).

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