Section 11(1) in The M.P. Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam, 2007
(1)On receipt of the letter of intent from the State Government as provided- under sub-section (2) of Section 6, a sponsoring body, willing to fulfill the conditions and give undertaking as mentioned in the letter of intent, shall establish an endowment fund of five crore rupees within fifteen days as a perpetual deposit in any bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), as a corresponding new bank.
