Vidhi Codex

section 43

Endowment Fund

The Institute of Chartered Financial Analysts of India University, Orissa Act, 2010
Education201046 sections
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Statutory text
  1. (1) The Sponsor shall establish an Endowment Fund of Rupees five crores.
  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 State Government.
  3. (3) The University may transfer any amount from the General Fund or the Development Fund to the Endowment Fund.
  4. (4) Excepting in the dissolution of the University, in no other circumstances can any money be transferred from the Endowment Fund for other purposes.
  5. (5) 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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