Section 36 in Andhra Pradesh Fisheries and Ocean University (Establishment and Regulation) Act, 2017
36. Endowment Fund.
(1)The Sponsoring body shall establish an Endowment Fund (corpus fund) for the University with an amount specified in the Letter of Intent.(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, the statutes, the Ordinances, the Regulations and the rules. The Government shall have the powers to order forfeiture, a part or whole of the Endowment Fund in case the University or the Sponsoring body contravenes the provisions of this Act or the Statutes, the Ordinances, the Regulations or the rules made thereunder. In such a case the forfeited amount shall be utilized for due compliance with the provisions of this Act, statutes ordinances, regulations or the rules as the case may be:Provided that before issuing an order of forfeiture under this sub-section, the Government shall afford an opportunity of representation to the University or the Sponsoring body as the case may be.(3)The University if required may utilize 75% of the income from Endowment Fund for the development of infrastructure of the University and not to meet the recurring expenditure of the University. The balance and unutilized income shall be added to the Endowment Fund.(4)The amount of Endowment Fund shall be invested in such highly secure and liquid instruments of scheduled commercial Banks and kept invested until the dissolution of the University.(5)The Governing Body shall be responsible and accountable for the safety and correct utilization of the Endowment Fund.(6)The Governing Body shall ensure that the University prepares an audited report on the status and utilization of interest proceeds of the Endowment Fund annually, which may be sought by the Government from time to time.Provided that the University which fails to maintain such a Report may be enquired into as per section 44.
