14Permanent reserve to cover recurring charges

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.

Download our fully-offline, High speed android app.- Click here

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).

Click here to register yourself as a lawyer in our registry

All sections