section 28
Foundation Fund
The Odisha University of Agriculture and Technology Act, 1965Education196540 sections6 chapters
Chapter VI UNIVERSITY FUNDS, ETC.
Statutory text
- (1) The University shall have a fund called the Foundation Fund.
- (2) The Foundation Fund shall consist of-
- (a) the sum of not less than ten lakhs of rupees which shall be given to it by the Government in the course of the five years after the coming into force of this Act;
- (b) any contribution to this fund which may be made by the Government, any local authority or other public body or others; and
- (c) any contributions to this fund which may be made by the University.
- (3) The Foundation Fund shall be invested and be kept invested, in securities, issued or guaranteed by the Central Government or by any other State Government and such investments shall not be varied without the consent of the Chancellor.
- (4) The corpus of the Foundation Fund shall be kept intact but the interest thereon may be utilised for the purposes of the University.
- (5) The expenditure from the revenues of the State referred to in clause
- (a) of sub-section
- (2) shall be expenditure charged on the revenues of the State.
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