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 The University shall also establish a Development Fund to which the following funds shall be credited, namely,-

1. (a) development fees which may be charged from students;
2. (b) all sums received from any other source for the purpose of the development of the University;
3. (c) all contributions made by the Sponsor;
4. (d) all contributions or donations make in this behalf by any other person or body which are not prohibited by any law for the time being in force; and
5. (e) all incomes received from the Endowment Fund.