Section 47 — Endowment Fund

(1) The University shall establish an Endowment Fund in the name of the University through a fixed deposit of a minimum of rupees ten crore in a Nationalized Bank, interest on which less the amount pledged with the Director of Higher and Technical Education as per sub-section (3) below may be used by the University for its development: Provided that the Sponsoring Society and the University shall make available the whole Endowment Fund to the Administrator during the process of winding up of the University failing which the same shall be realized from the properties of the University. (2) The Endowment Fund shall be maintained until the dissolution of the University. (3) From the above Endowment Fund, an amount not less than 2 (two) crores as may be directed by the State Government, shall be pledged in the name of the Director of Higher and Technical Education, Meghalaya as provided under Section 7 of the Meghalaya Private Universities (Regulation of Establishment and Maintenance of Standards) Act, 2019 (Act No. 13 of 2019). (4) The State Government shall have the power to forfeit a part or the whole of the Endowment Fund in case the University contravenes any of the provisions of this Act after serving a show cause notice on the University or its Sponsors and after giving them an opportunity to be heard.