(1) The Executive Council may, from time to time, make new or additional statutes or may amend or repeal the statutes referred to above:
Provided that, the Executive Council shall not make, amend or repeal any statute affecting the status, powers 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 changes and any opinion so expressed shall be considered by the Executive Council.
(2) The Executive Council may take up for consideration, the draft of a statute either on its own motion or on a proposal made by the Academic Council. When the draft is not proposed by the Academic Council, the Executive Council shall obtain the opinion of the Academic Council thereon before considering the same.
(3) The Executive Council shall obtain the opinion of the Finance Committee in respect of such of the statutes involving financial implications.
(4) The Executive Council, if it thinks necessary, may also obtain the opinion of any officer, authority or body of the University in regard to the draft of the statute, before taking it up for consideration.
(5) Every new statute or addition to the statutes or any amendment or repeal of a statute shall be submitted by the Executive Council to the Chancellor for assent, who may assent thereto or withhold assent or remit it to the Executive Council for reconsideration within two months.
(6) The statute shall have no validity unless it has been given assent by the Chancellor.