Endowment Fund

Education202574 sections11 chapters

Chapter X FUNDS OF THE UNIVERSITY

Statutory text

(1) The Sponsoring Body shall establish an Endowment Fund for the University with an amount of Rs.2,00,00,000/- (two crore), in a Nationalized Bank in Sikkim or the State Bank of Sikkim and which shall be pledged to the Government of Sikkim.
(2) The Endowment Fund shall be used as security deposit to ensure that the University complies with the provisions of this Act and functions as per the provisions of this Act, the Statutes and the Ordinances. The State Government shall have the power to forfeit, a part or whole of the Endowment Fund in case the University or the Sponsoring Body contravenes with any of the provisions of this Act, Statutes, the Ordinances, the Regulations or the Rules made there under.
(3) The University may with the permission of the State Government utilize the interest from the Endowment Fund (Principal Amount) for the development of infrastructure of the University and not to meet the recurring expenditure of the University.
(4) The amount of Endowment Fund may be invested in such instruments as the Government may prescribe and kept invested until the dissolution of the University.
(5) In case of investment in long term security, the certificates of the securities shall be kept in the safe custody of the Government and in case of deposit in the interest-bearing Personal Deposit account in the Government Treasury, deposit shall be made with the condition that the amount shall not be withdrawn without the permission of the Government.

Study data processing for this section.

PDF: pending for this language.