Section 47 in SRI JAGADHGURU MURUGARAJENDRA UNIVERSITY ACT, 2020
47. Permanent Statutory Endowment Fund.- (1) The University shall
establish a Permanent Statutory Endowment Fund of at least rupees twenty fivecrores out of which at least fifteen crores shall be in cash and remaining in the form ofBank guarantee which may be increased suo moto but shall not be decreased.Provided that in case of a University outside Bengaluru or Bengaluru RuralDistrict at least ten crores must be in form of cash and the remaining five crores shallbe in form of Bank Guarantee.(2)The University shall have power to invest the permanent StatutoryEndowment Fund in such manner as may be prescribed.(3)The University may transfer any amount from the General Fund or theDevelopment Fund to the permanent Statutory Endowment Fund. Excepting in theevent of dissolution of the University, in no other circumstances can any monies betransferred from permanent Statutory Endowment Fund for other purposes.(4)Seventy five percent of the incomes received from permanent StatutoryEndowment Fund shall be used for the purpose of development or general work of theUniversity. The remaining twenty five percent shall be reinvested in the permanentStatutory Endowment Fund.
