Amendment status not verified — confirm the current text below against the official source.
(1) The sponsoring body shall establish an Endowment Fund Cor the • • university with an amount of, - (i) one crore rupees in case the university is situated in Scheduled Tribes area; (ii) in other cases, two crore rupees. (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 Government shall have the powers to forfeit in the prescribed manner, a part or whole of the Endowment Fund in case the university or the sponsoring body contravenes the provisions of this Act or Statutes, Ordinances, Regulations or rules made there under. *'"* (3) Income from Endowment Fund may be utilised for development of infrastructure of the university but shall not be utilised to meet out the recurring expenditure of the university. (4) Fhe amount of Endowment Fund shall be invested and kept invested until the dissolution of the university in long term ’ -If I f't j __ — ‘ | V ' ■ securities issued or guaranteed by the State Government or deposited and kept deposited until the dissolution of the university in the interest bearing Personal Deposit account in Government Treasury . (5) In case of investment in long term security, the certificates ol the securities shall be kept in the safe custody ol the State Government and in case of deposit in the interest bearing Personal Deposit account in Government Treasury, deposit shall be made with the condition that the amount shall not be withdrawn without the permission of the State Government.