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Section 40: Endowment Fund.

The Mahatma Gandhi University Act, 2010 (Act No. 6 of 2011)State Act of Meghalaya · Act 6 of 2011

(1) The University shall establish an Endowment Fund of at least Rupees two crore and paid in one installment.

(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.

Where this provision sits

ActThe Mahatma Gandhi University Act, 2010 (Act No. 6 of 2011)
Section40
Marginal noteEndowment Fund.
JurisdictionState of Meghalaya
StatusIn force as published by the source

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