Utilisation of funds and property of private college

(1) All the moneys collected, grants received and other property held by or on behalf of a private college shall be utilised for the purposes for which they are intended and shall be accounted for by the educational agency in such manner as may be prescribed. (2) A private college may invest or deposit the funds— (a) in the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); or (b) in a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); or (c) in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or Post Office Savings Bank; or (d) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or (e) in such other mode as may be prescribed.