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Section 5: Utilisation of funds and properties of the Institution

The Karnataka Educational Institutions (Control of Private Educational Institutions) Rules, 1999State Rules of Karnataka · 1995

(1) The funds of the Institution shall be arnatak for the bonafide purposes connected with the institutions only with prior permission of the competent authority. If any donations are collected with the previous permission of the competent authority they shall be arnatak only for that purpose. Balance if any shall be credited in the funds of the institution.

(2) An Institution may deposit funds not required for immediate use in the following Banks.-

(a) State Bank of India constituted under the State Bank of India Act, 1995 (Central Act 23 of 1995) or.

(b) In a subsidiary Bank as defined in the State Bank of India (subsidiary banks) Act, 1959 (Central Act 38 of 1959) or I In any corresponding new Bank as defined in the Banking Companies (Acquisition and Transfer of undertakings) Act, 1970 (5 of 1970) or Post Offices Saving Bank ; or

(d) in any other Schedule Bank as approved by the competent authority.

Where this provision sits

ActThe Karnataka Educational Institutions (Control of Private Educational Institutions) Rules, 1999
Section5
Marginal noteUtilisation of funds and properties of the Institution
JurisdictionState of Karnataka
StatusIn force as published by the source

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