Amendment status not verified — confirm the current text below against the official source.
(1) The University shall form a fund to be known as the development fund from the grants and contributions made by the Government towards such fund as well as such other sums as the Syndicate may decide to be credited to the development fund. (2) The development fund shall be invested in such long-term deposits as the Government may direct and the interests of such long-term deposits shall be utilised for development programmes of the University as decided by the Syndicate. (3) The University may constitute such other funds and utilise them in such manner as may be prescribed by the Statutes.