section 42
Endowment Fund
The Nirmala Devi University Act, 2024Education202463 sections
Statutory text
- (1) The Sponsoring Body shall establish an Endowment Fund for the University with an amount of surplus two 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) Income 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.
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