General Fund

General Fund.—(1) Every Private University shall maintain a General Fund.

1. (2) The General Fund shall consist of—
   • (a) fees and other charges received from students;
   • (b) income from investments;
   • (c) donations, grants, and contributions;
   • (d) any other income.
2. (3) The General Fund shall be applied towards the expenses of the university including—
   • (a) payment of salaries and allowances to teachers and staff;
   • (b) maintenance and development of infrastructure;
   • (c) conduct of academic programmes and research:
   • (d) provision of scholarships and freeships;
   • (e) such other purposes as may be specified by the Statute.