Development Fund

(1) The University shall also establish a development fund to which the following funds shall be credited, namely: (a) Development fees which may be charged from students; (b) All sums received from any other source for the purpose of the development of the University; (c) All contributions made by the Sponsor; (d) All contributions/donations made in this behalf by any other person or body which are not prohibited by any law for the time being in force; (e) All incomes received from the endowment fund; (2) The funds credited to the development fund from time to time shall be utilized for the development of the University;