Amendment status not verified — confirm the current text below against the official source.
1[University]1 Endowment Fund.- (1) The 1[University]1 shall establish a 1[University]1 Endowment Fund having such funds as may be determined by the Sponsoring Body which can include donations and other funds received from time to time. 22 (2) The 1[University]1 shall have the power to invest the 1[University]1 Endowment Fund in a manner as may be specified by the Statutes and Regulations. (3) The 1[University]1 Endowment Fund is a self-imposed fund that the 1[University]1 desires to maintain voluntarily and invest it responsibly to protect itself from financial challenges that may arise on account of pursuing social objectives and/or unforeseen circumstance. (4) The 1[University]1 may transfer any amount from the General Fund or the development fund to the [1[University]1 Endowment Fund. Excepting in the dissolution of the 1[University]1, in no other circumstances moneys can be transferred from the 1[University]1 Endowment Fund for other purposes. (5) Eighty percent of the incomes received from the 1[University]1 Endowment Fund shall be used for the purposes of development or general work of the 1[University]1 . The remaining twenty percent shall be reinvested into the 1[University]1 Endowment Fund.