Powers of the Sponsoring Body: The Sponsoring Body shall have the following power

10. Powers of the Sponsoring Body: The Sponsoring Body shall have the following powers with reference to the University, each of which may be exercised by the Sponsoring Body at its discretion, namely:- (1) to appoint or re-appoint or terminate the appointment of the Chancellor; (2) to constitute the first Governing Body of the University; (3) to nominate the chairperson of the Governing Body; (4) to nominate three persons as members of the Governing Body; (5) to nominate two persons as the members of the Board of Management; (6) to determine the source of funds to be contributed to the Endowment Fund; (7) to determine the application and spending of monies by the University; (8) to resolve a conflict at the meeting of the Governing Body in the manner provided for in this Act. CHAPTER-III OFFICERS OF THE UNIVERSITY