Amendment status not verified — confirm the current text below against the official source.
(1) The University shall also establish a Development Fund to which the following 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 sponsor; (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 endowment fund. (2) The funds credited to the development fund from time to time shall be utilized for the development of the University, Maintenance of Fund 41. The funds established under section 40,41 and 42 shall, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed. 338 Transitional provisions 42. Notwithstanding anything contained in any other provisions of this Act and the Statutes, (a) The first Vice-Chancellor shall be appointed by the Chancellor and the said officer shall hold office for a term of three years; (b) The first Registrar and the first Finance Officer shall be appointed by the Chancellor who shall hold office for a term of three years; (c) The first Board of Governors shall hold office fora term not exceeding three years; (d) The first Board of Management, the first Finance Committee and the first Academic Council shall be constituted by the Chancellor for a term of three years; Annual report