section 44
Endowment Fund.
The Centurion University of Technology and Management, Orissa Act, 2010Education201053 sections
Statutory text
- (1) The Sponsoring Body shall establish an Endowment Fund of Rupees three Crores. (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 State Government. (3) The University may transfer any amount from the General Fund or the Development Fund to the Endowment Fund. (4) Excepting in the dissolution of the University, no money can be transferred from the Endowment Fund under any other circumstances for purposes other than that of the University. (5) Out of the incomes received from the Endowment Fund, an amount not exceeding 75% shall be used for the purposes of development works of the University and the remaining 25% shall be reinvested in the Endowment Fund.
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