Statutes, how made

(1) Omitted.

(2) The Syndicate may, from time to time make statutes and amend or repeal the statutes, in the manner hereinafter provided in this section.

(3) Any member of the Syndicate may propose to the Syndicate the draft of a statute and the Syndicate may either accept or reject the draft.

(4) A statute passed by the Syndicate shall be submitted to the Chancellor who may assent thereto or withhold his assent. A statute passed by the Syndicate shall have no validity until it has been assented to by the Chancellor.