Section 11. Legal Education Fund. —

There is hereby created a special endowment fund, to be known as the Legal Education Fund, which shall be under the control of the Board, and administered as a separate fund by the Social Security System (SSS) which shall invest the same with due and prudent regard to its solvency, safety and liquidity.

The Legal Education Fund shall be established out of, and maintained from, the amounts appropriated pursuant to paragraph 2, Section 13 hereof, and from sixty percent (60%) of the privilege tax paid by every lawyer effective Fiscal Year 1994, and from such donations, legacies, grant-in-aid and other forms of contributions received by the Board for the purposes of this Act.

Being a special endowment fund, only the interests earned on the Legal Education Fund shall be used exclusively for the purposes of this Act, including support for faculty development grants, professorial chairs, library improvements and similar programs for the advancement of law teaching and education in accredited law schools.

The Fund shall also be used for the operations of the Board. For this purpose, an amount not exceeding ten percent (10%) of the interest on the Fund shall be utilized.

The Board, in consultation with the SSS, shall issue the necessary rules and regulations for the collection, administration and utilization of the Fund.