Vidhi Codex

section 40

Endowment Fund

Northeast Adventist University Act, 2015
Education201551 sections
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Statutory text
  1. (1) The University shall establish an Endowment Fund of at least Rupees two crores and paid in one installment and the amount is to be kept in the custody of the Director of Higher and Technical Education, Meghalaya, Shillong in the form of a FDR.
  2. (2) The University may transfer any amount from the general fund or the development fund to the endowment fund. Excepting in the event of dissolution of the University in no other circumstances can any monies be transferred from the endowment fund for other purposes.
  3. (3) Not exceeding 75% of the income received from the endowment fund shall be used for the purposes of development works of the University.

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