Act Number: 29

Act Name: The National Institutes of Technology, Science Education and Research Act, 2007

Year: 2007

Enactment Date: 2007-06-05

Long Title: An Act to declare 1certain institutions of technology, science education and research to be Institutions of national importance and to provide for instructions and research in branches of engineering, technology, management, education, sciences and arts and for the advancement of learning and dissemination of knowledge in such branches and for certain other matters connected with such institutions.

Ministry: Ministry of Human Resource Development

Department: Department of Higher Education

Section 21: Fund of Institute.
    (1) Every Institute shall maintain a Fund to which shall be credited,--
         (a) all moneys provided by the Central Government;
         (b) all fees and other charges received by the Institute;
         (c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and
         (d) all moneys received by the Institute in any other manner or from any other source.
     (2) All moneys credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as the Institute may, with the approval of the Central Government, decide.
     (3) The Fund of every Institute shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act.
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