Section 5 in Tamil Nadu Private University Rules, 2019
5. Establishment of Permanent Endowment Fund.
(1)On receipt of Letter of intent from the Government, the sponsoring body shall earmark fifty per cent of the Permanent Endowment Fund i.e., a sum of Rs.25,00,00,000/- (Rupees Twenty five crore only) and keep it in a separate Fixed Deposit in the name of the sponsoring body. The remaining fifty per cent of the Permanent Endowment Fund shall be deposited in the name of the Private University within a period of three months from the date of inclusion of the Private University in the Schedule to the said Act. Then, the initial deposit of a sum of Rs.25,00,00,000/- (Rupees Twenty five crore only) made in the name of the sponsoring body shall also be transferred to the Permanent Endowment Fund of the Private University.(2)The Permanent Endowment Fund shall be maintained in a nationalised bank, approved by the Government from time to time, in the form of a fixed deposit and shall be in the joint name of the University concerned and an officer specified by the Government for the purpose.(3)The Permanent Endowment Fund shall not be liquidated without the prior permission of the Government.
