Endowment fund

(1) The sponsoring body shall establish an Endowment Fund for the University with an amount of surplus one crore, which shall be pledged to the Government once the day to day operation of the University take place. (2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes or ordinances made thereunder. (3) The Government shall have the powers to forfeit, in the prescribed manner, a part or whole of the Endowment Fund in case the University or the sponsoring body contravenes any of the provisions of this Act, rules, statutes, ordinances or regulations made thereunder. (4) lncome from Endowment Fund shall be utilized for the development of infrastructure of the University but shall not be utilized to meet out the recurring expenditure of the University. (5) The amount of Endowment Fund shall be kept invested, until the dissolution of the University, by way of Fixed Deposit Accounts in any Scheduled Bank.