Transitory provisions.

Notwithstanding anything contained in this Act and the statutes, ordinances or regulations made thereunder, the Society may, subject to the availability of the funds, discharge all or any of the functions of the University for the purposes of carrying out the provisions of this Act or the statutes, ordinances and regulations and for that purpose, may exercise such powers and perform such duties, which by this Act or by such statutes, ordinances and regulations, are to be exercised or performed by any authority or officer of the University, until such authority comes into existence or officer is appointed.