Powers of the Sponsoring Body

11. 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:- (i) to appoint or re-appoint or terminate the appointment of the Chancellor; (ii) to constitute the first Board of Governors of the University; (iii) to nominate the chairperson of the Board of Governors; (iv) to nominate three persons as members of the Board of Governors; (v) to nominate two persons as members of the Board of Management; (vi) to determine the source of funds to be contributed to the University Endowment Fund; (vii) to determine the application and spending of moneys by the University; (viii) to resolve any conflict at the meeting of the Board of Governors in the manner provided for in this Act.