Section 7 in Himalayan University, Itanagar (Arunachal Pradesh) Act, 2012
7. Endowment Fund.
(1)There shall be established an Endowment Fund with an amount of rupees three crore which has to be deposited by the Sponsoring Body with the State Government.(2)The Endowment Fund shall be used as security deposit to ensure that the University complies with the provisions of this Act and functions as per provisions of this Act, Statutes and Ordinances. The State Government shall have the powers to forfeit in the prescribe manner, a part or whole of the Endowment Fund in case the University or the Sponsoring Body contravenes and of the provisions of this act or Statutes, Ordinances, Regulations or rules make thereunder.(3)income from the Endowment Fund may be utilized for development of infrastructure of the University but shall not be utilized to meet out the recurring expenditure of the University.(4)The amount of the Endowment Fund shall be invested and kept invested until the dissolution of the university in long term fixed deposit or deposited or kept deposited until the dissolution of university in any Scheduled Bank in the Joint Account operated by the State and the Sponsoring Body,(5)The certificates of the securities shall be kept in the safe custody of the State Government and deposit in the interest bearing Personal Deposit Account in Bank, the deposit shall be made with the condition that the amount shall not be withdrawn without the permission of the State Government.
