Vidhi Codex

section 4

Endowment Fund

AIPH University, Odisha Act, 2017
Education201741 sections4 chapters
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Chapter II THE UNIVERSITY

Statutory text
  1. (1) The Sponsoring Body shall establish an Endowment Fund of four crore rupees to be deposited in maximum four equal installments within a span of four years from the date of publication of this Act in the Odisha Gazette.
  2. (2) The amount of Endowment Fund shall be invested and kept invested until the dissolution of the University in long term securities issued or guaranteed by the Government.
  3. (3) Except in the event of dissolution of the University, no money can be transferred from the Endowment Fund under any circumstance for other purposes.
  4. (4) Out of the income received from the Endowment Fund, the University may utilize such sum of amount as may be determined by the Government for the purpose of development of the University and the remaining amount shall be reinvested in the Endowment Fund.

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