General Fund: -

47. General Fund: - (1) Every Private University shall establish a general fund to which the following amount shall be credited, namely:- (a) all fees which may be charged by the Private University; (b) all sums received from any other source; (c) all contributions made by the sponsoring body; and (d) all contributions made in this behalf by any other person or body which are not prohibited by any law for the time being in force. (2) The moneys credited to the general fund shall be applied to meet all the recurring expenditures of the Private University.