Sponsored schemes.

Notwithstanding anything contained in this Act, whenever the Institute receives funds from any Government, the University Grants Commission or any other agency, including industry sponsoring a research scheme or a consultancy assignment or a teaching programme or a chaired professorship or a scholarship, etc., to be executed or endowed at the Institute—

1. (a) the amount received shall be kept by the Institute separately from the Fund of the Institute and utilised only for the purpose of the scheme; and
2. (b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organisations: Provided that any money remaining unutilised shall be transferred to the endowment fund created under section 22 of this Act.