Development fund

(1) The University shall establish a Development Fund to which the following funds shall be credited, namely:-

(i) development fees which may be charged from students;

(ii) all sums received from any other source for the purposes of the development of the University;

(iii) all contributions made to the University;

(iv) 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; and

(v) all incomes received from the Permanent Statutory Endowment Fund.

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