Sponsored schemes.

Whenever the Institute receives funds from any Government, the University Grants Commission or any other agency sponsoring a scheme to be executed by the Institute, notwithstanding anything in this Act,--

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;
2. (b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organisation: Provided that any money remaining unutilised under clause (a) shall be transferred to the endowment fund created under section 22 of this Act.