Section 34. Sponsored schemes

34. Sponsored schemes.— Notwithstanding anything contained in this Act, whenever[2] [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.