14. Permanent 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 6[India], a sum of 7[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, 8 which may be held by the University shall, for the purpose of this section, be reckoned at their face-value, and
(2) 9[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 10[by any Ruler of any Indian State] and
(b) of the total income accruing from immovable property which has been transferred to the University.
1. Subs. by Act 55 of 1951, s. 9, for sub-section (1) (w.e.f.
2. Subs. by Act 52 of 1966, s. 13, for "submitted to the Visitor" (w.e.f. 31-12-1966).
3. The words "to the Court and" omitted by Act 34 of 1969, s. 8 (w.e.f. 5-9-1969).
4. Ins. by Act 25 of 2008, s. 2 (w.e.f. 5-12-2008).
5. Ins. by s. 3, ibid. (w.e.f. 5-12-2008).
6. Subs. by Act 55 of 1951, s. 10, for "the States" (w.e.f. 3-11-1951).
7. Subs. by Act 52 of 1966, s. 14, for "fifty lakhs of rupees" (w.e.f. 31-12-1966).
8. Subs. by s. 14, ibid., for "1886" (w.e.f. 31-12-1966).
9. 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).
10. Subs. by s. 14, ibid., for "by any Indian Prince or Chief" (w.e.f. 31-12-1966).