Section 9(2) in The Rules for Payment Of Grant-in-Aid to Non-Government Educational, Cultural & Physical Education Institutions, 1963
(2)A declaration from the person authorised by the management of the institution for which the grant-in-aid is demanded that it has assets worth atleast three times of the amount of annual expenditure and that such assets (List to be annexed) fire free of all encumbrances and do not include assets created or added out of the grant-in-aid received and that the income of such assets supplemented by grant-in-aid will be adequate to enable the management to carry on the institution efficiently and to pay the salaries of the staff of the institution as are prescribed by the Government or other competent authority.Note. - Provided that the condition shall be insisted upon during the first three years of an institution.
