Amendment status not verified — confirm the current text below against the official source.
(1) The University shall establish an Endowment Fund in the name of the University through a fixed deposit of a minimum of rupees ten crore in a Nationalized Bank, which may be used for the development of the University: Provided that the Sponsoring society shall make available the whole Endowment Fund to the Administrator during the process of winding up of the University failing which the same shall be realized from the properties of the University. (2) The Endowment Fund shall be invested and kept invested in its fixed assets until the dissolution of the University. (3) A security deposit shall be pledged in the name of the State Government, through a fixed deposit of rupees one crore in a Nationalized Bank to be kept as security deposit, interest proceeds of which may be used for the development of the University. (4) The State Government shall have the power to forfeit the security deposit in prescribed manner, in case the University contravenes any of the provisions of this Act.