(1) The Funds of the University shall consist of

(a) subvention approved by Parliament:

(b) tuition and boarding fees:

(d) endowments:

(e) grants:

(f) investments: and

(g) monies from any other sources approved by the University Council.

(2) The Council shall control the finances of the University as well as other finances arising out the administration of the University as well as other determining questions of finance which directly affect the educational policy of the University, the Council shall invite the opinion of the Academic Board and take into consideration any recommendation or report submitted by the Board.

(3) The Council shall ensure that resources of the University are properly used.

(4) The Council may from time to time specify matters which concern income and expenditure in respect of which the Council’s consent should be obtained before any liability is incurred.

(5) The Council shall determine the allocation of the funds at the disposal of the University.