(1) The University shall establish a permanent endowment fund of least rupees two crore and to be deposited in one installment. (2) The University shall have power to invest the permanent 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 permanent endowment fund. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from corpus of the endowment fund for other purposes. (4) Not exceeding 75 of the incomes received from the corpus permanent endowment fund shall be used for the purposes of development works of the University; The remaining 25 shall be reinvested into the permanent endowment fund.
Section 39: Endowment Fund.
The University of Technology and Management Act, 2010 (Act No. 3 of 2011)State Act of Meghalaya · Act 3 of 2011
Where this provision sits
| Act | The University of Technology and Management Act, 2010 (Act No. 3 of 2011) |
|---|---|
| Section | 39 |
| Marginal note | Endowment Fund. |
| Jurisdiction | State of Meghalaya |
| Status | In force as published by the source |
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