Amendment status not verified — confirm the current text below against the official source.
('l) There shall be a fund forthe Unive6itywhicfi shall include:- (a) any contribution or grant made by the World I nstitution Building Programme; (b) any bequests, donations, endowments or other grants made by the private individuals or institutions; (c) income received by the University from fees and charges; and (d) amounts Gceived from any other sources. Other offtcers and EWloyees Proident Fund, Gratuity, and Pension and any other benefit Scheme. funds of the universiy and endowment tund. 146 (2) The amount in the said fund shall be kept in a Scheduled Bank as defined by the Reserve Bank of lndia Act, 1934 or in the corresponding new Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 or may be invested in such securities authorized by the lndian Trusts Act, '1882, as may be decided by the Governing Council. (3) The fund may be operated for such purposes of University and in such manner as may be prescribed by regulations. (4) (i) The sponsoring body shall establish an Endowment Fund for the University with an amount of three crores rupees which shall be pledged to the Government. (ii) The Endowment Fund shali be kept as security deposit to ensure strict compliance of the provisions of this Act, rules, regulations, statutes orordinances made there under. (iii) The Government shall have the power to forfeit, in the prescribed manner, a part orwhole ofthe Endoyvment Fund in case the university or the sponsoring body contravenes any of the provisions of thisAct, rules, statutes, ordinances or regulations made there under (iv) lncome from Endowment Fund shall be utilized for the development of infrastructure of the university but shall not be utilized to meet out the recurring expenditure of the university. (v) The amount of Endowment Fund shallbe kept invested, until the dissolution of the university, by way of Fixed Deposit Accounts in any Scheduled Bank subject to the condttion thatthis Fund shall not be withdrawn without the permission of the Govemment. (5) The university shall be self-financed as it shall not be entitled to receive any grant or other financial assistance irom the Govemment. 147