Section 47 in Adichunchanagiri University Act, 2012
47. Permanent Statutory Endowment Fund.
(1)The University shall establish a Permanent Statutory Endowment Fund of at least rupees twenty five crores out of which at least fifteen crores shall be in cash and remaining in the form of Bank guarantee which may be increased suo moto but shall not be decreased.Provided that in case of a University outside the Bangalore or Bangalore Rural District at least ten crores must be in form of cash and the remaining five crores shall be in form of Bank Guarantee.(2)The University shall have power to invest the permanent Statutory Endowment Fund in such manner as may be prescribed.(3)The University may transfer any amount from General Fund or the Development fund to the permanent statutory fund except in the event of the dissolution of the University, in no other circumstances can any moneys be transferred from permanent Statutory Endowment Fund for any other purposes.(4)Seventy five percent of the income received from permanent Statutory Endowment Fund shall be used for the purpose of development or general work of the University. The remaining twenty five percent shall be invested in the permanent Statutory Endowment Fund.
