Development Fund

(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/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) The funds credited to the development fund from time to time shall be utilized for the development of the University.