section 40
Endowment Fund
The Institute of Chartered Financial Analysts of India University (Nagaland) Act, 2006Education200351 sections
Statutory text
- (1) The Sponsor shall establish an endowment fund of at least Rupees One Crore.
- (2) The University shall have power to invest the endowment fund in such manner as may be prescribed.
- (3) The University may transfer any amount from the general fund or the development fund to the endowment fund. Except in the event of dissoulution of the University, in no other circumstances can any money be transferred from the endowment fund for other purposes.
- (4) Not exceeding 75% of the incomes received from the endowment fund shall be used for the purposes of development works of the University and the remaining 25% shall be reinvested into the endowment fund.
Study data processing for this section.
PDF: pending for this language.