Universities shall be as per the regulations of the National Accreditation Bodies".

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. (i) to appoint or re-appoint or terminate the appointment of the Chancellor;
2. (ii) to constitute the first Board of Governors of the University;
3. (iii) to nominate the chairperson of the Board of Governors;
4. (iv) to nominate three persons as members of the Board of Governors;
5. (v) to nominate two persons as members of the Board of Management;
6. (vi) to determine the source of funds to be contributed to the University Endowment Fund;
7. (vii) to determine the application and spending of moneys by the University;
8. (viii) to resolve a Conflict at the meeting of the Board of Governors in the manner provided for in this Act. CHAPTER - III OFFICERS OF THE UNIVERSITY