Amendment status not verified — confirm the current text below against the official source.
(a) The First Vice-Chancellor shall be appointed by the Chancellor and the said ofricer shall hold office for a term of three years ; (b) The First Registrarandthe First Finance Officer shall be appointed by the Chancellor who shall be hold olfice for a term of three years ; (c) The First Board of Governors shall hold otfice for a term not exceeding three years: (d) The First Board of Management, the First Finance Committee and the Flrst Academic Council shall be constituted by the Chancellor lor a term of three years; Endowment Fund : (1) The Sponsor shall establish an endowment fund ol rupees three crores in form of FDR in favor of University; pledged to the State Government, opened in a nationalized bank. (2) The University shall have power to invest the endowment fund in such a manner as may be prescribed ; (3) The University may transfer any amount from the general fund or the development fund to endowment lund, Excepting in the dissolution ol the University, in no other circumstances can any money be transferred from the endowment lund for other purposes; (4) Not exceeding 75 percent of the income received from the endowment fund shall be used lor the purpose of development work of the University. The remaining 25 percent shall be reversed into endowment fund.