Development Fund

(1) The University shall also establish a Development Fund to which the following amount may 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) any 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) subject to the provisions of sub-section (5) of Section 40, incomes received from the Endowment Fund. (2) The amount credited to the Development Fund, from time to time, shall be utilized for the development of the University. (3) The University shall not raise fund from any source including any financial institutions (banks etc.) by way of mortgaging the land obtained in shape of donation or under concessional cost from the State Government.