Amendment status not verified — confirm the current text below against the official source.
Endowment Fund : (1) There shallbe established an Endowment Fund with an amount of rupees three crore which has to be deposited by the Sponsoring Bodywith the State Govemment. (2) The Endowment Fund shall be used as security deposit to ensure that the University complies with the provisions of this Act and functions as per provisions of this Act, Statutes and Ordinances. The State Government shallhave the powers to forfeit in the prescribe mannel a partorwhole ofthe Endowment Fund in case the University or the Sponsoring Bodycontravenes and of the provisions ofthis act or Stiatutes, Ordinances, Regulations or rules make thereunder. (3) lncome from the Endovwnent Fund may be utilized frcr development of infrastructure of the University but shall not be utilised to meet out the recurring expenditure of the University. zb3 (4) The amount of the Endowment Fund shall be invested and kept invested until the dissolution of the university in long term Rxed deposit or deposited or kept deposited until the dissolution of university in any Scheduled Bank in the Joint Account operated by the State and the Sponsoring Body. (5) The certmcates of the securities shall be kept in the safe custody of the Slate Govemment and deposit in the interest bearing Personal Deposit Account in Bank, the deposit shall be made with the conditbn that the amount shall not be withdrawn without the permission of the State Govemment.