Amendment status not verified — confirm the current text below against the official source.
(1) The sponsoring body shall establish a permanent statutory fund to be called the “the Endowment Fund” for the university with such amount as may be specified by an order issued by the Government. (2) The Endowment Fund shall be used as security deposit to ensure strict compliance of the provisions of this Act and rules, Statutes, Ordinances or regulations, made thereunder. (3) 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 any of the provisions of this Act, rules, Statutes, Ordinances or regulations made thereunder. (4) 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. (5) The amount of Endowment Fund shall be invested by the university until the dissolution of the university, by way of fixed deposit in the Nationalized Bank with the Director, Directorate of Vocational Education and Training as joint holder, subject to the condition that the amounts so invested from the fund shall not be withdrawn without the permission of the Government.