47. Utilisation of funds and movable property of private institution: -
(1)All the monies collected, grants received and other movable property held by or on behalf of a private institution shall be utilised for the purpose for which they are intended and shall be accounted for by the manager in such manner as may be prescribed.(2)All the monies received or held by or on behalf of every private institution shall be deposited in a bank.(3)The surplus fund of every such institution shall be invested in such manner as may be prescribed and shall be utilised towards educational development only.Explanation: - For the purpose of this section "surplus fund" means all the monies that remain unused with the institution at the beginning o f each academic year, after providing for all the objects, needs, requirements or improvements of the institution during the previous three academic years.
