(1) The University shall also establish a development fund to which following moneys shall be credited, namel… — U. P. ACT No. 9 OF 2002

(1) The University shall also establish a development fund to which following moneys shall be credited, namely :—

40. (1) The University shall also establish a development fund to which following moneys 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 Education Society ; (d) all contributions 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) 1 [ X X X ] The moneys credited to the development fund from time to time shall be utilized for the development of the University. The funds established under sections 38, 39 and 40 shall, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed. (1) The annual report of the University shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval. The Board of Governors shall consider the annual report in its meeting and may approve the same with or without modification. A copy of the annual report duly approved by the Board of Governors shall be sent to the State Government. (1) The annual accounts and balance sheet of the University shall be prepared under the direction of the Board of Management and all moneys accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the account maintained by the University. The annual accounts and the balance sheet of the University shall be audited by such auditor and at such intervals as may be prescribed. A copy of the annual accounts and the balance sheet together with the audit report shall be submitted to the Board of Governors. The annual accounts, the balance sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the State Government along with its observations thereon. A copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of the University or other documents in possession of the University or any entry in any register duly maintained by the University, if certified by the Registrar, shall be received as prima facie evidence of such receipt, application, notice, order, proceeding, resolution or document or the existence of entry in the register and shall be admitted as evidence of the matters and transaction therein recorded where the original thereof would if produced, have been admissible in evidence. Dissolution of Education Society Expenditure of the University during dissolution of Education Society Power to issue directions Winding up of the University by the State Government

Section 40