Amendment status not verified — confirm the current text below against the official source.
Development Fund : (1) The University shall also establish a development lund to which the lollowing funds shall be credited, namely : (a) Development fees which may be charged trom students ; 191 (b) All sums received from any other source for the purpose of the development of the university ; (c) All contributions made by the Sponsor ; (d) All contributions or donations made in this behalf by any other person or body which are not prohibited by any law for the time Eeing in force; (e) All incomes received from the endowment fund; P) The funds credited to the development fund from time to time shall be utilized lor the development of the University ; 47, Maintenancc ol Fund : The funds established under section 44, 45 and 46 shall be regulated and maintained in such manner as may be prescribed by $atutes; rE. Annual Report : (1) The annual report of the University shall be prepared under the direclion ol the Board of Management and shall be submitted to the Board of Governors for its approval ; (2) The Board of Governors shall consider the annual report in ib meeting and may approve the same with or without modifications ; (3) A copy ol the audited annual report duly approved by the Board ol Governors shall be sent to Visitor and the State Government on or before December 31st following close of the financial year in March 31st each year ;