Section 4 in Chhattisgarh Private Universities (Establishment and Operation) Rules, 2005
4. Establishment of Endowment Fund.
(a)Sponsoring Body intending to establish a Private University shall establish an Endowment Fund after receiving the Letter of Intent as provided under sub-section (2) of Section 6 of the Act in accordance with the provision of Section 11 of the Act.(b)The Endowment Fund shall be deposited in the fund of the Regulatory Commission under the signature of Sponsoring Body through crossed account payee draft in the name of the "Chhattisgarh Private Universities Regulatory Commission" payable at Raipur in form shown in Annexure "B" & shall be issued a certificate of receipt by the Commission in form shown in Annexure "C".
