Vidhi Codex

section 38

Endowment Fund

ASBM University, Odisha Act, 2019
Education201950 sections5 chapters
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Chapter 5 MISCELLANEOUS

Statutory text
  1. (1) The Sponsoring Body shall establish an Endowment Fund of Rupees five crores to be created in maximum four equal instalments 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 public sector banks or in long term securities issued or guaranteed by the Government.
  3. (3) The University may transfer any amount from the General Fund to the Endowment Fund.
  4. (4) Except in case of dissolution of the University, in no circumstances can any money be transferred from the Endowment Fund for other purposes.
  5. (5) Out of the incomes received from the Endowment Fund, an amount not exceeding 75% shall be transferred to the general fund of the University and the remaining shall be reinvested in the Endowment Fund.

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