Statutes, how made

(1) The first statutes shall be those as set out in the Schedule. (2) The Executive council may, from time to time make statutes and amend or repeal the statutes except the first statutes, in the manner hereinafter provided in this section. (3) Any member of the Executive Council may propose to the Executive Council the draft of a statute and the Executive Council may, either accept or reject the draft. (4) A statute passed by the Executive Council shall be submitted to the Chancellor who may assent thereto or withhold his assent. A statute passed by the Executive Council shall have no validity until it has been assented to by the Chancellor.