Notwithstanding anything contained in this Act, whenever the 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 the purpose of the scheme; 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 created under section 20 of this Act.