Section 40 in Eastern Institute for Integrated Learning in Management University, Sikkim Act, 2006
40. Endowment Fund.
(1)The University shall establish an endowment fund of at least Rupees One Crore(2)The University shall have power to invest the endowment fund in such manner as may be prescribed.(3)The University may transfer any amount from the general fund or the development fund to the endowment fund. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from the endowment fund for other purposes.(4)Not exceeding 75 percent of the incomes received from the endowment fund shall be used for the purposes of development works of the University. The remaining 25 percent shall be reinvested into the endowment fund.
