Section 9(2)(ii) in Tamil Nadu Recognised Private Schools (Regulation) Rules, 1974

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State of Tamilnadu - Subsection

Section 9(2)(ii) in Tamil Nadu Recognised Private Schools (Regulation) Rules, 1974

(ii)In addition to the creation of the endowment referred to above, the educational agency shall also deposit in the Tamil Nadu State Co-operative Bank Limited or in the Tamil Nadu Industrial Co-operative Bank Limited, or in [Chennai] [Substituted for the word 'Madras' by the City of Madras (Alteration of Name) Act, 1996 (Tamil Nadu Act 28 of 1996).] Central Co-operative Bank Limited, or in any corresponding new Bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970) in the name of the school, a sum equivalent to a minimum of one month's salary of the staff employed in such school, to serve as a working capital of that school, which may be drawn for the disbursement of salary to the members of the staff, on the due date in the event of any delay in the sanction of grant by the Education Department.

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State of Tamilnadu - Subsection

Section 9(2)(ii) in Tamil Nadu Recognised Private Schools (Regulation) Rules, 1974