Amendment status not verified — confirm the current text below against the official source.
Utilization of funds and movable property of private institutions:- (1) All the monies received or held by or on behalf of every private institution shall be utilized for the purposes for which they are intended, and shall be accounted for by the Governing Council in such manner as may be prescribed. (2) All the monies received or held by or on behalf of every private institution shall be deposited in a Scheduled Bank. (3) The surplus fund of every such institution shall be invested in such manner as may be prescribed and shall be utilized towards educational development only. CHAPTER-X Accounts,Audit, Inspection and Returns