Section 48 in The Global Open University (Nagaland) Act, 2006
48. Endowment Fund.
(1)Immediately after the commencement of this Act, the University shall set up an Endowment Fund with Rupees one crore to begin with, into which further amounts as determined by the Governing Council shall be credited every year.(2)The University shall have power to invest the Endowment Fund in such manner as may be prescribed by regulations.(3)The interest dividends and other forms of growths of the money from the Endowment Fund on account of deposits, investments etc. shall be credited to the Endowment Fund.(4)When a resolution by the Trust or an Act for repeal of this Act by the Nagaland Legislative Assembly for dissolution of the University is passed, all moneys in the General Fund and all other receipts of the University on all other counts, shall stand transferred to the Endowment Fund for exclusively applying the Fund for the purposes of rehabilitating the students and other affected by such dissolution :Provided that the quantum of moneys in the Endowment Fund shall be reviewed on a five yearly basis by the Governing Council and at the end of such review, if the fund position is found to the reasonably comfortable, one third of moneys in he Endowment Fund may be withdrawal and credited to the General Fund for purposes of developing the infrastructure of the University if two-thirds of the members of the Governing Council vote in favour of such proposal.Provided further that no such transfer as in the first proviso shall be made once a resolution or an Act for dissolving the University has been passed.
