(1) The first statutes of the University are those set out in the Second Schedule.
(2) The Executive Council may, from time to time, make new statutes or any statutes in addition to the first statutes referred to in subsection (1) and may amend or repeal any statute including the first Statutes:
Provided that the Executive Council shall not make, amend or repeal any statute affecting the status, power or constitution of any authority of the University until such authority has been given an opportunity of expressing an opinion in writing on the proposed charges, and any opinion so expressed shall be considered by the Executive Council.
(3) Every new statute or addition to the statutes or any amendment or repeal of a statute shall require the approval of the Chancellor who may assent thereto or with hold assent therefrom or remit the same to the Executive Council for reconsideration.
(4) A new statute or a statute amending or repealing an existing statute shall have no validity unless it has been assented by the Chancellor.
(5) Notwithstanding anything in the foregoing sub-sections, the Chancellor may make new or additional statutes or amend or repeal the statutes referred to in sub-section (1) during the period of three years immediately after the commencement of this Act:
Provided that the Chancellor may, on the expiry of the said period of three years make, within three years from the date or expiry, such detailed statutes as he may consider necessary and such detailed statutes shall be laid before the Legislative Assembly of the State.