Amendment status not verified — confirm the current text below against the official source.
“(1) The sponsoring body shall establish an endowment fund for the university with a minimum amount of five crores rupees which shall be pledged in the form of Fixed Deposit Receipt in original in favour of the Higher Education Commissioner, Haryana, Panchkula.* Note: The provisions of sub-section (1) shall not be applicable to the existing private university.* (2) The endowment fund shall be used as a security deposit to ensure that the university complies with the provisions of this Act, Statutes, Ordinances, Rules and Bye-laws. The Government shall have the power to forfeit the whole or part of fund in case the university or the sponsoring body contravenes any of the provisions of this Act, Statutes, Ordinances, bye-laws or Rules or use it for meeting the expenditure for academic and administrative purposes in case of dissolution in accordance with bye-laws .”.* (3) Income from endowment fund may be utilized for the development of infrastructure of the university but shall not be utilized to meet out the recurring expenditure of the university. (4) The amount of endowment fund shall be invested and kept invested until the dissolution of the university, in long term securities issued or guaranteed by the Government or deposited and kept deposited in an interest bearing personal deposit account in Government treasury. (5) In case of investment in a long term security, the certificates of the security shall be kept in the safe custody of the Government and in case of deposit in the interest bearing personal deposit account in the Government treasury, the deposit shall be made with the condition that the amount shall not be withdrawn without the prior permission of the Government. General fund.