(I) 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 Schedule 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 may, from time to time, collect the status of the fund from the bank in which the fund is kept invested, and the executor of the fund shall furnish a bank guarantee to this effect
(5) The Annual report of the University shall consist a statement to the effect along with details that the Endowment Funds is regularly administered.
14. Maintenance! Utilization of Security Deposit— (I) There shall be pledged a security deposit of Rs. 1.00 crore 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.
(3) The Deed of Pledge shall be executed by the Chancellor of the University being authorized by the sponsoring society and to be registered before the appropriate Registering authority,
(4) An Officer of the State Government not below the rank of an Assistant Secretary to the Government of West Bengal will be authorized to execute the Deed of Pledge on behalf of the State Government.
(5) The State Government may at any point of time, upon satisfaction to that effect that the provisions of the Act is violated by the University, may forfeit the security deposit through the Bank Guarantee furnished in this behalf
(6) The University shall be given an opportunity of being heard before forfeiting the security deposit.