Amendment status not verified — confirm the current text below against the official source.
Endowment Fund : (1) The sponsoring body shall establish an Endowment Fund br the Un iversity with an amount of three clores rupeeswhich . shall be pledged tothe Government. (2) The Endovyment Fund shall be kept as securlty deposit to ensure strict compliance of the provisions of thisAct, rules regulations, statutes or ordinances made thereunder. (3) The Government shall have lhe power to forfeit, in the prescribed manner, a part orwhole ofthe Endowment Fund in case the University or the sponsoring body contravenes any of the provisions of thisAct, rules, statutes, ordlnances or regulations made thereunder. (4) (5) 209 lncome from Endowment Fund shall be utilized for the development of infrastructure ofthe University butshall not be utilized to meet out the recurring expenditure of the University. The amount ofEndowment Fund shall be kept invested, until the dissolution of the University, by way of Fixed Deposit Accounts in any Scheduled Bank subject to the condition that this fund shall not be withdrawn without the permission ofthe Government. 43 General Fund : (1) The University shall establish a general fund to which the following emount shall be credited, namely :- (a) all fees wtrich may.be charged by the University ; (b) all sums received from any other sources : (c) all contributions made by the Trust. and (d) allconkibutions made in this behalf by any other person or body which are not prohibited by any lawfor the time being in force. (2) The moneys credited to the general fund shall be applied to meet all the recurring expenditures otthe University.