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Section 42: Endowment Fund

Usha Martin University Act 2012(Amendment) Act, 2018State Act of Jharkhand · Act 4 of 2013

1) The University shall establish an endowment fond of at least Rupees two crores.

2) The University shall have power to invest the endowment fund in such manner as may be prescribed.

3) The University may transfer any amount from the general fund or the development fund to the endowment fund . Except in the dissolution of the University, in no other circumstances can any money be transferred from the endowment fund for other purposes.

4) Not-exceeding 75 percent of the incomes received from the endowment fund, shall be used for the purposes of development, works of the University. The remaining 25 percent shall be reserved into the endowment fund.

Where this provision sits

ActUsha Martin University Act 2012(Amendment) Act, 2018
Section42
Marginal noteEndowment Fund
JurisdictionState of Jharkhand
StatusIn force as published by the source

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