To receive and accept donations, legacies, covenants, annuities, subscriptions, gifts and other income for the furtherance of the objects of the University and such funds are to be applied in accordance with the directions of the respective testators or donors so far as operable and, subject to the terms attaching to any such funds, to apply such funds in whole or in part to the capital funds held by the University Court or to apply such funds in whole or in part towards defraying the expenditure of the University Court in carrying out its functions.