Section 6(4) in Andhra Pradesh Educational Institutions (Establishment, Recognition, Administration and Control of Institutions of Higher Education) Rules, 1987
(4)The educational agency of the private institution shall deposit the corpus fund (endowment) in the joint account of the management and the Government represented by the Regional Mint Director concerned, in any of the branches of nationalised banks. Under no circumstances the corpus fund deposited shall be permitted to be withdrawn. The Government may however permit the educational agency to utilise the interest accrued over, and above the prescribed corpus fund, for the development of the institution at an interval of five to ten years.[Provided that in the case of Law Colleges and corpus fund (endowment) shall be deposited in the joint account of Management and Government represented by the Secretary, Andhra Pradesh State Council of Higher Education.] [Added by G.O Mrs. No. 41, H.E. (UE-II), dated 20-4-2006.]
