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