Development fund

(1) The University shall establish a Development Fund to which the following amount shall be credited, namely:- (a) development fees which may be charged from students; (b) all sums received from any other source for the purposes of the development of the University; (c) all contributions made by the Sponsoring Body; (d) all contributions or 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 (e) all incomes received from the Corpus Fund. (2) The funds credited to the Development Fund from time to time shall be utilized for the development of the University.