(1) The Funds of the University shall consist of

(a) subventions approved by Parliament;

(b) tuition and boarding fees;

(c) gifts;

(d) grants;

(e) endowments;

(f) investments; and

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

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

(3) The Council shall be responsible for all measures necessary or desirable for the conservation and augmentation of the resources of the University; specify matters affecting the income or expenditure of the University in respect of which the consent of the Council should be obtained before action is taken or liability is incurred.

(4) The Council shall determine the allocation of all funds at the disposal of the University and how the resources are to be properly used.