( ) There shall be established an Endowment Fund by the University as provided under the Act.
(2) The endowment fund shall be established and executed in Form-A appended to the Sehedulc::7 to these rules and the instrument is to be properly stamped and registered before the appropriate Registering authority.
(3) A certified copy of the registered instrument executing Endowment fund shall be submitted to the State Government soon after its registration.
(4) The State Government inay, front time to time, collect the status of the fluid front the bank in which the fund is kept invested, and the executor of the fund shall furnish a hank guarantee to this effect.
t51 The Annual report ofthe University shall consist a statement to the effect along with details that the Endowment Funds is regularly administered.
14. Maintenance/ Utilization of Security Dejtosita-- U There shall be pledged a security deposit of Rs. 1.00 crone in Form-B appended to the Schedule to these rules by the University.
(2) The Deed of Pledge shall be executed in favor of the State Government along with a Bank Guarantee.
(3i Tito Deed of Pledge shall be executed by the Chancellor ot' the University heirig authorized by the .tonsoring trust and to be registered before the appropriate Registering authority.
(4) An Officer of the State Government not below the rank clan Assistant Secretary to the Government of West Bengal will be authorized to execute the Deed of Pledge on behalf of the State Government.
The State Govern net may at any point of time. upon satisfaction to that effect that the provisions of the Act are violated by the University. may lorfeit the security deposit through the Bank Guarantee lion shod in this behalf.
(()) The University shall bc given an opportunity of being heard before forfeiting the security deposit.
I . Procedure during dissolution or winding up of the University:— ( 1 ) Notice of dissolution of the t.iniversity shall be given to the State Government at least one year in advance,
(2) The notice of dissolution shall be accompanied by at resolution of the. Governing Board along with a resolution of the sponsoring trust.
(3) On receipt of notice of \Nindirw up the State Uovernnient shall appoint an Administratorwhich shall replace the Governing Board of the University and also the Chancellor of the Uni.versity.
(.4) The outgoing (iU\ CJII11O Board shall however provide all assistance to the Administrator along with full details on the working of the 'University.
(5) The property of whatever kind owned or possessed by the University shall be used by the Administrator during the dissolution proces of The University.
6 THE KOLKATA GAZETTE., EXTRAORDINARY, JANUARY 4, 2019 [PART
(6) The Administrator shall soon after his appointment, prepare an inventory of all properties, includmc its assets and liabilities and shall fiirnish to the State Government for consideration.
(7) The University shall not be dissolved until the liabilities of the. University are completely meet up by realixing the same from the properties of the University.
lb. Powers and functions of Administrator:— ( The person associated with higher education who shall preferably he an Officer of the State Government not below the rank of Joint Director of Public Instruction, or of a Joint Secretary to the State Government may he appointed as Administrator.
(2 .
The Administrator shall on his appointment, immediately, stop all kind of admission process in any course pursued in the University.
(3) No new employment shall he permitted during dissolution procedure. However, auditor or sonic othcr experts necessary in furtherance of closure of the University may be engaged by the Administrator.
(4) The Administrator, shall wherever necessary, apply to the relevant regulatory authority for closure of courses from the immediately next academic session and shall strive to obtain No Objection Certificate from relevant regulatory authority, (51 The Administrator shall arrange all examinations for the remaining students and publish results and award decree to the eligible students in regular manner until the last student of the University is passed otn.
(6) After closure of all academic activities. the Administrator shall submit a report to the State Government .regarding the assets and liabilities of the University.
17, Annual report of the University:—
(1) The University shall within 30th August every year submit to the State Government an Annual Report regarding the working of the University'.
(2) The annual report shall, interalia, contain the academic and administrative details of the University,
(3) No Annual report shall be accepted unless the same is accompanied with the resolution of the Governing Board to the effect that the annual report is placed in the Governing Board and passed unanimously..
By order of the Governor, DR. R. S. SIMKIA Additiona/ Secretary to the Governme .• f*st
PART 11 THE KOLKATA GAZETTE, EXTRAORDINARY, JANUARY 4, 2019 7
SCHEDULE ENDOWMENT AGREEMENT (See rule 13) 1, Sri Snit.
, the Chancellor of the Amity University, being empowered by the sponsoring trust/society/company namely , vide its resolution dated (copy being part of this instrument) do, hereby, make a fixed deposit of Rs. Ten Crores in Bank, vide No (description) out of the trust 'society/eornpany hinds, specifically for the purpose of establishment of an endowment for the use and benefit of the University.
1. Schedule and Form of Contributions:— The trust sponsored die University in its meeting dated resolves that a sum of Rs. Ten Crores will be placed in a nationalized bank namely in the form of a long term fixed deposits in the name of the University out of its own fund accumulated from its income as reflected in the last years balance sheet of the trust furnished to the Income Tax Department along with its Annual Return and Audit Report. The Fund will be known as the Neutia University Endowment Fund and will he kept invested until dissolution/ winding up of the 'University. The Trust further resolved that the Fund will never be removed from the above mentioned bank unless the bank is going into liquidation or otherwise closed. It is also resolved that the interest proceeds of the fund shall only be used for the development of the University.
H. Purpose:— The Neotia University Endowment Fund shall he a permanent endowment and shall be used for the benefit of the University. The purpose of the fund is actually to secure the smooth functioning of the University during winding up procedure. The fund guarantees the student of the University that there should not be sudden closure of the University tor which the future of the student may be jeopardized,