Permanent Endowment Fund

(1) The sponsoring body shall establish a permanent endowment fund of at least rupees fifty crores. (2) A Private University shall have the power to invest the permanent endowment fund in such manner as may be prescribed. (3) A Private University may transfer any amount from the general fund or the development fund to the permanent endowment fund. (4) Any amount exceeding the minimum amount specified in sub-section (1) may be withdrawn from the permanent endowment fund by the Private University for the purposes of development of the Private University.