Development Funds

(1) The 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 University; (c) all contributions made by the Sponsoring Body; (d) contributions made in this behalf by any other person or bodies 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 money credited to the development fund from time to time shall be utilized for the development of the University.