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/ 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
5. (e) All incomes received from the Endowment Fund