Power to make contributions, diversions, etc.

(1) The Tanjore District Board or such other authority or person as may for the time being have the management and superintendence of the Tanjore Chattram Endowments may, subject to such restrictions and conditions, if any, as may be imposed by the State Government— (a) contribute from the income derived from the said endowments towards the expenditure incurred in the maintenance of— (i) the institutions specified in the Schedule, and (ii) such other institutions as may be notified in this behalf by the State Government ; (b) appropriate or divert a sum of four lakhs, ninety-four thousand and five hundred rupees from the funds of the said endowments for the purpose of the establishment or maintenance of a first-grade college at Tanjore and invest and keep invested the said sum in securities issued or guaranteed by the State Government ; and (c) contribute from the interest derived from the investment aforesaid a sum of fifteen thousand rupees annually for the purpose of the establishment or maintenance of the said first-grade College at Tanjore. (2) The corpus of the investment referred to in clause (b) of sub-section (1) shall be held in trust for the purposes of the said college in the joint names of three trustees, namely, the Tanjore District Board, the University of Madras and the managing body of the said college ; but the District Board alone shall be competent to draw or deal with the interest derived from the investment. (3) The District Board or other authority or person referred to in sub-section (1) may also lease out any land or building belonging to the said Endowments, for a period not exceeding three years at a time, either rent-free or at concessional rates of rent, to a department of the Government, any local