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

Development Fund

1. (1) The University shall also 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) any contributions made by the Sponsoring Body for the purpose of the development of the University;
   • (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 for the purpose of the development of the University; and
   • (e) subject for the provisions of sub-section
2. (5) of section 40, incomes received from the Endowment Fund.
3. (2) The amount credited to the Development Fund from time to time shall be utilized for the development of the University.