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 monies by the University; and (viii) to resolve any conflict at the meeting of the Board of Governors in the manner provided for in this Act.