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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.
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1. Subs. by s. 28, ibid., for "the Institute receives" (w.e.f. 13-1-2020).