Educational Institution Fund

Educational Institution Fund.

1. (1) There shall be a fund to be called "Educational Institution Fund" in every recognised aided educational institution and there shall be credited thereto -
   • (a) any aid granted by the Government;
   • (b) income accruing to the institution by way of fees, other charges or other receipts; and
   • (c) any other contributions, endowments and the like.
2. (2) The Educational Institution Fund and all other funds, including the student's fund established with the approval of the appropriate authority shall be accounted for and operated in accordance with rules made under this Act.
3. (3) There shall be a fund to be called "the Unaided Educational Institution Fund" and there shall be credited thereto, income accruing to the institution by way of -
   • (a) fees,
   • (b) any charges and payments which may be realised by the institution for other specific purposes, and
   • (c) any other contributions, endowments, gifts and the like. (4)
   • (a) Income of unaided educational institution by way of fees shall be such educational purposes as may be prescribed, and
   • (b) Charges and payments realised and all other contributions, endowments and gifts received by such educational institution shall be utilised only for the specified purposes for which they are realised or received.