(1) This Act and the regulations that may be made thereunder shall not cast any - financial obligation in any manner on the Government ofNagaland or its agencies.A.11 expenditure called for the implementation of this Act and the regulations shall be - exclusively borne by the University.
(2) Nothing herein shall be deemed to prevent the Government of Nagaland h m contributingor giving agrant to the University forpromotingacademic excellence.
Funds of University
47. The University shall operate the following two hnds namely:
( 1 ) The Endowment Fund
(2) The General Fund.
' ' I immediately afterthe cornmencement ofthis Act, the University shall set up an I~~IcIoLv,~. , , , .L Fund with Rupees One crore to begjn with, into which further anlounts, as - cie!cinlined by the Governing Council shall be credited every year.
(2) The ! iniversity shall have pcxverrti invest the 5ndowment Fund in such manner , I . , ,, wuay be prcsi!-ibed by regula!ic!ns.
3) The interest. dividends and o:'.ei- forms ol'yowths ofthe mon;:y from . . 7L,,d,>-wnlent F~ind :lri ;!r:~:,:,!;~-;; .~:~'<~r;:~,~,i~;~., ,[:.. :>:~;,,!~.:ri$.$ <$c,, ~h;~! j , bc cIedj!f,:d :o iiie iindowment Fund.
(4) When a resolution by the Trust or an Act for repeal of this Act by the Nagaland Legislative Assembly for dissolution of the University is passed, all moneys in the General Fund and all other receipts ofthe University on all other counts, shall stand transferred to the Endowment Fund for exclusively applying the Fund for the purposes of rehabilitating the students and others affected by such dissolution:
Provided that the quantum of moneys in the Endowment Fund shall be reviewed on a five yearly basis by the Governing Council and all the end of such review, if the fund position is found to be reasonably comfortable, one-third of moneys in the Endowment Fund may be withdrawn and credited to the General Fund for purposes of developing the infrastructure of the University if two-thirds ofthe members of the Governing Council vote in favour of such a proposal.
Provided further that no such transfer as in the first proviso shall be made once a resolution or an Act for dissolving the University has been passed.
General Fund