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The University shall invest, and keep
invested, in securities in which trust funds may be invested, in accordance with the provisions of the law
relating to trusts in 1[India], a sum of 2[forty-five lakhs of rupees] as a permanent endowment to meet the
recurring charges of the University other than charges in respect of scholarships, prizes and rewards:
Provided that--
(1) any Government securities, as defined by the Indian Securities Act, 3[1920] which may be
held by the University shall, for the purpose of this section, be reckoned at their face-value, and
(2)
4[the aforesaid sum of forty-five lakhs shall be reduced by such sum as, at the commencement
of the Banaras Hindu University (Amendment) Act, 1966 (52 of 1966)] the Central Government
shall, by order in writing, declare to be the total capitalised value, for the purposes of this section--
(a) of all permanent recurring grants of money which have been made to the University 5by[any Ruler of any Indian State] and
(b) of the total income accruing from immovable property which has been transferred to the
University.
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1. Subs. by Act 55 of 1951, s. 10, for "the States" (w.e.f. 3-11-1951).
2. Subs. by Act 52 of 1966, s. 14, for "fifty lakhs of rupees" (w.e.f. 31-12-1966).
3. Subs. by s. 14, ibid., for "1886" (w.e.f. 31-12-1966).
4. Subs. by s. 14, ibid., for "the aforesaid sum of fifty lakhs shall be reduced by such sum as, at the commencement of this Act" (w.e.f. 31-12-1966).
5. Subs. by s. 14, ibid., for "by any Indian Prince or Chief" (w.e.f. 31-12-1966).