Amendment status not verified — confirm the current text below against the official source.
(1) All the moneys collected, grants received offunds and other propefty held by or on behalf of a private and property college shall be utili,ed for the purpL)se; for which of private college. they are intended and shall be accvunted for by the educational agency in such manner as may bs prescribed. (2) A private college may invest or deposit the funds- (a) in the State Bank of India const;tuted under the State Bank of India Act, 1955 (23 of 1955); or (b) in a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);or (c) in any corre~ponding new bank as defined in the Banking Companies ( Acquisition and Transfer of Undertakings) Act, 1970 (5 of 197C ) or Post Office Savings B ~ n k ; or (d) in any of the securities specified in section 20 of the Indlan Trusts Act, 1882 (2 of 1882) ; or (e) in such other mode as may be prescribed. Taking over