Development Fund

(1) Every Private University shall also establish a development fund to which the following moneys shall be credited, namely:- (a) development fees, which may be charged from students; (b) all sums received from other sources for the purpose of the development of the Private University; (c) all contributions made by the sponsoring body; (d) all contributions 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 permanent endowment fund. (2) The moneys credited to the development fund from time to time shall be utilised for the development of the Private University.