( 1) Subject to any law for the time being in force any money received by way of voluntary donation from donors may be accepted by the institution or the Governing Council and the fact shall be intimated mandatorily either by the head of the institution or the Governing Council within sixty days from the elate of such acceptance to the competent authority. Such money shall be deposited in the account of the institution in such Nationalized or Scheduled Bank as may be approved by the State Government and shall be applied and expended for the improvement of the institution and the development of educational facilities and for such other purposes as may be prescribed.
(2) Subject to any lavv for the time being in force, no money shall be collected before, during or after admission of any person by any educational institution as a condition precedent to such admission except towards the prescribed fees.
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