(1) The University shall establish an Endowment Fund of at least Rupees Two Crore. (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. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from the Endowment Fund for other purpose. (4) Not exceeding 75 of the incomes received from the Endowment Fund shall be used for the purposes of development works of the University . The remaining 25 shall be reinvested into the Endowment Fund.
Section 41: Endowment Fund
The CMJ University Act, 2009 (Act No. 4 of 2009)State Act of Meghalaya · Act 4 of 2009
Where this provision sits
| Act | The CMJ University Act, 2009 (Act No. 4 of 2009) |
|---|---|
| Section | 41 |
| Marginal note | Endowment Fund |
| Jurisdiction | State of Meghalaya |
| Status | In force as published by the source |
| Judgments citing it | 1 |
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