Institute For Advanced Studies Act, 1940

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Power of Institute to accept donations.

27.—(1) The Institute may accept from any person gifts of money, lands, or other property for the establishment of additional Constituent Schools, the foundation of professorships, lectureships, studentships, or scholarships, the erection of buildings, the endowment of research, or for any other purpose connected with the Institute, upon such trusts and conditions, if any, as may be specified by the person making the gift.

(2) The Institute shall not accept any gift, if the conditions attached by the donor to the acceptance thereof are such as to be inconsistent with the functions of the Institute.

(3) Gifts accepted by the Institute under this section in respect of a particular Constituent School shall be applied for the benefit of that School only, and all other gifts so accepted shall be applied in accordance with such scheme, approved by the Minister, as may be prepared by the Council after consultation with the Governing Board of each Constituent School.

(4) All gifts accepted by the Institute under this section shall be received and applied by the Council.