Section 3(3) in University Grants Commission [Affiliation Of Colleges By Universities] Regulations, 2009
3.2The College, if not run by the State Government,---3.2.1. shall be managed by a duly constituted and registered Society or Trust;3.2.2. shall satisfy the University that adequate financial provision is available for running the college for at least three years without any aid from any external source. In particular,it shall produce evidence of creating and maintaining a Corpus Fund permanently in the name of the college by way of irrevocable Government Securities of Rs. 15 lakh per programme, if the college proposes to conduct programme only in Arts, Science and Commerce, Rs.35 lakh per programme or as prescribed by the relevant Statutory/Regulatory body, if it proposes to offer professional programmes, or FDRs for like amounts jointly held by the college and the University for a minimum lock in period of three years. The interest accrued out of it may be utilized by the college with the prior permission of the University for strengthening its infrastructure facilities;3.2.3. shall also provide an undertaking to the University that it has adequate recurring income from its own resources for its continued and efficient functioning.
