Vidhi Codex

section 41

Endowment Fund

CMJ University Act, 2009
Education200952 sections
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Statutory text
  1. (1) The University shall establish an Endowment Fund of at least Rupees Two Crore.
  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. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from the Endowment Fund for other purpose.
  4. (4) Not exceeding 75% of the incomes received from the Endowment Fund shall be used for the purposes of development works of the University. The remaining 25% shall be reinvested into the Endowment Fund.

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