(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 Sponsoring Body;
(d) all contributions or donations made in this behalf by any other person or organisation 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.
44. Ihe funds established under Sections 41, 42 and 43 shall, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed.