Notwithstanding anything contained in this Act, whenever 1[an Institute receives] funds from any Government, the University Grants Commission or any other agency including industry sponsoring a research scheme or a consultancy assignment or a teaching programme or a Chaired Professorship or a scholarship, etc., to be executed or endowed at the Institute,--
(a) the amount received shall be kept by the Institute separately from the Fund of the Institute and utilised only for that purpose; and
(b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organisations:
Provided that any money remaining unutilised shall be transferred to the Endowment Fund set up under section 24 of this Act.
(a) the amount received shall be kept by the Institute separately from the Fund of the Institute and utilised only for that purpose; and
(b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organisations:
Provided that any money remaining unutilised shall be transferred to the Endowment Fund set up under section 24 of this Act.
Source footnotes
1. Subs. by s. 28, ibid., for "the Institute receives" (w.e.f. 13-1-2020).आगे पढ़ें / Continue reading
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Section 1 · Short title and commencement.Section 2 · Declaration of certain institutions as institutions of national importance.Section 3 · Definitions.Section 4 · Incorporation of Institute.Section 5 · Effect of incorporation of the Institute.Section 6 · Powers of Institute.Section 7 · Institute be open to all races, creeds and classes.Section 8 · Teaching at Institute.India Code, Government of India. Text fetched 26 Oct 2026. Source metadata reports last modification: 2020-01-17. Check the linked official text and subsequent notifications when applying a provision.