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Section 16: Fund of the Institute.

The All-India Institutes of Medical Science Act, 1956Central Act · Act 25 of 1956

(1) [Every Institute shall maintain a Fund to which shall be credited--

(a) all moneys provided by the Central Government;

(b) all fees and other charges received by the Institute;

(c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and

(d) all moneys received by the Institute in any other manner or from any other source.

[Provided that the Fund maintained by the existing Institute and the society, before the commencement of the All-India Institute of Medical Sciences (Amendment) Act, 2012 (37 of 2012), shall be deemed to be the Fund maintained under this section.]

(2) All moneys credited to the Fund shall be deposited in such banks or invested in such manner as the Institute may, with the approval of the Central Government, decide.

(3) The fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its functions under section 14.

Where this provision sits

ActThe All-India Institutes of Medical Science Act, 1956
Section16
Marginal noteFund of the Institute.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted. Subs. by s. 17, ibid., for "The Institute" (w.e.f. 16-7-2012).
  • inserted. Ins. by s. 17, ibid. (w.e.f. 16-7-2012).

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