Development Fund

(1) A development fund shall be established by the University in which the following funds shall be credited, namely:- (a) Development fees which may be charged from students; (b) All amounts received from any other source for the purposes of the development of the University; (c) All contributions made by the Sponsor body; (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 permanent endowment fund. (2) The funds credited to the development fund from time to time shall be utilized for the development of the University.