Provided further that the General Fund shall be applied for the objects specified under sub-section (2) with the prior approval of the Board of Management of the University.

Development Fund

1. (1) The University shall also establish a Development Fund to which the following funds 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 Sponsor;
   • (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 Endowment Fund.
2. (2) The funds credited to the Development Fund from time to time shall be utilized for the development of the University.