Amendment status not verified — confirm the current text below against the official source.
Endowment Fund: (1) The sponsoring body shall establish an Endowment Fund for the overall development of the Universitywith an amount of three crores rupees which shall be pledged to the Government. (2) The endowment fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act, rule, regulations, Statutes, ordinances or regulations made there under. (3) The Government shall have the power to forfeit, in the prescribed manner, a partorwhole ofthe Endovvment Fund in case the University orthe sponsoring body contravenes any ofthe provisions bf thisAct, rules, regulations, Statutes, ordinances or regulations made there under. (4) lncomes received from the Endowment Fund shall be used for the purpose of development of infrastructure of the University butshall not meet out the recurring expenditure ofthe university. 364 (5) The amount of endowment fund shall be kept invested, until the dissolution of the university, by way of fixed deposit accounts rn any schedule bank sublect to the condition that this fund shali not be withdrawn without prior permission of the State Government.