Section 8 in The Chhattisgarh Non-Government Colleges and Institutions in Higher Education (Establishment and Regulation) Act, 2006
8. Corpus Fund.
(1)The corpus find (endowment) as may be prescribed, shall be deposited by the educational agency according to the procedure prescribed before the Commissioner of Higher Education accords permission for establishment of the institution.(2)The educational agency of the private institution shall deposit the corpus fund (endowment) in the joint account of the management and the Government represented by the Commissioner of Higher Education concerned, in any nationalized bank. Under no circumstances, the corpus fund deposited shall be permitted to be withdrawn. The Government may, however, permit the educational agency, to utilise the interest part, for the development of the institution every five years.However, in exceptional cases, the educational agency, may request the Commissioner of Higher Education to reduce this time interval to three years.Nevertheless, this period in any case shall not be less than three years, with certain laid down conditions.
