Section 10(e) in Code of Regulations for Matriculation Schools, Tamil Nadu
(e)In addition to the creation of the endowment referred to above, in the case of new schools, the Educational Agency shall also deposit in any schedule bank in the name of the school, a sum equivalent to a minimum of one month's salary of the staff employed in the school to serve as a working capital of the school which may be drawn for the disbursement of salary to the members of the staff on the due date in the event of any delay in the disbursement of salary.
