Notwithstanding

Notwithstanding anything in this Act, whenever the University receives funds from any Government, any authority or any endowment any other agency including industry sponsoring a research scheme, a consultancy assignment, a teaching program or a chaired professorship or a scholarship et cetera to be executed or endowed at the University; (a) the amount received shall be kept by the University separately from the fund of the University and utilized only for the purpose of the scheme; and (b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organization/body or individual: Provided that any money remaining unutilized under clause (a) shall be transferred to the endowment fund of the University created under this Act.