Provided further that the General fund shall be applied for the object specified under sub-section (2) with the prior approval of the Board of Management of the University.

Development Fund

1. (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. (2) The funds credited to the development fund from time to time shall be utilized for the development of the University.