Section 29 in Tamil Nadu Private Colleges (Regulation) Act, 1976
29. Utilisation of funds and property of private college.
(1)All the moneys collected, grants received and other property held by, or on behalf of, a private college shall be utilised for the purposes for which they are intended and shall be accounted for by the educational agency in such manner as may be prescribed.(2)A private college may invest or deposit the funds-(a)in the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); or(b)in a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); or(c)in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or Post Office Savings Bank; or(d)in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or(e)in such other mode as may be prescribed.
