Funds of the Board

(1) The funds of the Board shall consist of– (a) such sums as may be voted annually for the purposes of the University by the National Assembly under section 22; (b) monies received as fees and other charges from students of the University; (c) subventions and donations and bequests granted to the University; 16 (d) proceeds from the sale of bonds approved by the Board and guaranteed by the Government; (e) all other monies belonging to the University derived from any source whatsoever; or (f) investments in stocks, mutual funds and other securities approved by the Board. (2) The Board may receive gifts, grants, donations or bequests of any property whatsoever, and may either retain them for the use of the University or dispose of them in a fit and proper manner. Any monies realized from the disposal or use of any such property shall be credited to the account of the (3) The funds of the University may be applied to meet any legal obligations or commitments of the Board and the University in carrying out the provisions of this Act.