38. Application of income and capital of University---(1) Subject to
 the provisions of this Act and any other Act and to the terms of any
 trust or endowment, the income and the capital of the University shall
 be applied in doing whatever the Council thinks expedient in order that
 the University may best accomplish the purposes for which it is
 established.

   (2) Without limiting the generality of subsection (1) of this section,
 it is hereby declared that the Council may from time to time, out of
 income which may be applied in accordance with subsection (1) of this
 section, create, maintain, and add to a fund or funds for any one or
 more of the purposes for which that income may be applied.
     Cf. 1961, No. 50, s. 39