Amendment status not verified — confirm the current text below against the official source.
(1) The Corpus/Endowment Fund as may be prescribed shall be deposited by Educational Agency of a Non Governmental ( or Private) Institution only [not applicable to the Government College], according to the procedure prescribed, before the Secretary (Education) grants the approval for the establishment of the institution of Higher Learning. (2) The Corpus Fund (Endowment) of the Non Government (or Private) Institution shall be deposited in a separate joint account of the management of the institution and the Secretary (Education), in a nationalised bank. In no circumstances the Corpus Fund shall be allowed to be withdrawn; however, the Government reserves the right to permit the Educational Agency to withdraw the interest component earned on the deposits every after five years for running and maintenance of the institution at its discretion. In extra ordinary circumstances the Educational Agency may withdraw the interest component after a lapse of three years with the special permission of the Secretary (Education), with certain laid down conditions for the purpose. But in no case this period can be reduced to less than three years.