Transitory Provisions.

Notwithstanding anything contained in this Act, the statutes, the ordinances or the regulations made thereunder, the Foundation 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, the statutes, the ordinances and the regulations and for that purpose, may exercise such powers and perform such duties, which by this Act or by such statutes, the ordinances and the 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.