14. Permanent reserve to cover recurring charges.-
The University shall invest, and keep invested, in securities in which trust funds may be invested, in accordance, with the provisions of the law relating to trusts in [India] [Substituted for the word " the States" by Act 55 of 1951, section 10], a sum of [forty-five lakhs of rupees] [ Substituted for the word " fifty lakhs of rupees" by Act 52 of 1966, section 14(a)] as a permanent endowment to meet the recurring charges of the University other than charges in respect of scholarships, prizes and rewards:Provided that(1)any Government securities, as defined by the Indian Securities Act [1920] [Substituted for the figure " 1886" by Act 52 of 1966, section 14(b)(i)] which may he held by the University shall, for the purpose of this section, he reckoned ,it their f ice value. and(2)[the aforesaid sum of forty-five lakhs shall be reduced by such sum as, at the commencement of the Banaras Hindu University (Amendment) Act, 1966] [Substuted for certain word by Act 52 of 1966, section 14(b)(ii)(A)] the Central Government shall, by order in writing, declare to be the total capitalised value, for the purposes of this section(a)of all permanent recurring grants of money which have been made to the University [by any Ruler of an Indian State] [ Substituted for certain word by Act 52 of 1966, section 14(b)(ii)(b)] and(b)of the total income accruing from immovable property which has been transferred to the University.
