Amendment status not verified — confirm the current text below against the official source.
TheUniversity shall have an endownent fund with a minimum sum of rupees one crore, credited into it. The income generated trom this fund shall be credted to this tund only. The fund shall be utilized only in the eventuality of the University being wound up for any reason what so cver, to finance the conpletion of courses of such students, as have already been admitted by the University on the date of winding up of the University or for neeting the unsatistied liabilities of the Iniversity. 26.(7) If the Trust passes a resolution to the effect thal it is not possible for the University to function due to financial or any other reason, the same shall be submitted to the Governor of Punjab for approval. (2) On receipt of the resolution referred to in sub-section (). the Governor shall decIde on the resolution within a period of three months trom its rcceipt. and on approval of the Governor, the Irust shall proceed lo wind up the University. (3) In the event of winding up of the University, the Iust shall follow Such procedure. as may be prescribed. (4) Notwithstand1ng anything contained in tthis section, the University shall continuc to function. nless and until. allthe courses lo whih the Universily has chrolled the students. are completed or for three vears whchever is earler Gyencral Fund OVT GAZ. (EXTRA ). MAY 15. 2008 (VYSK 25, 1030 SAKA) Co PUNJAB ( | other insttons tounge colleges anc sement ol | versity (the manag i : he ol mamtamed byt . | yerviston and inspection ol 2olieges and othe, ho the superve —r ly | puhons ted to the privileges of the Umiversity. and - ns ‘ | ther matter of matters, whic h under this Act or the (fl) any « y he provided in the Ordinances, are to be of ma ulations consistent with this Act, the Statutes 23, The Authorities mad make Reg Statutes and the Ordinances for. | [own the pr tobe observed at their meeting aying de ocedure required to form a quorum ; (1) and the number of members, i) providing for all matters. which by this Act, the Statutes or ( ¢ . \ y . oo the Ordinances. are 10 be provided by the Regulations : and (i) waiving of notice to the members of such Authorities of the : d of the business. to be considered al dates of meetings an and for the keepin of the meetings. have the general fun meetings 4 of the record of the proceedings