[(1) Subject to the provisions of this Act, the Senate may, from time to time, make new or additional Statutes and amend or repeal existing Statutes in the manner hereafter in this section provided.
(2) The Syndicate may propose to the Senate draft Statutes for acceptance and promulgation by the Senate, and such draft Statutes shall be considered by the Senate at its next meeting.
(3) The Senate may approve any such draft Statute as is referred to in [subsection (2)], or reject it or return it to the Syndicate for reconsideration, either in whole or in part, together with any amendments which the Senate may suggest;
Provided that the Syndicate shall not propose the draft of any Statute or any amendment of a Statute affecting the status, powers or constitution of any existing authority of the University until such authority has been given an opportunity of expressing its opinion upon the proposal, and any opinion so expressed shall be in writing and shall be considered by the Senate.
(4) Any member of the Senate may propose to the Senate the draft of any Statute and the Senate may either reject the proposal or refer the same for consideration to the Syndicate, which may either reject the proposal or submit the draft Statute to the Senate in such form as the Syndicate may approve, and the provisions of this section shall apply in the case of any draft Statute so submitted as they apply in the case of a draft Statute proposed to the Senate by the Syndicate.
(5) Every new Statute or additional Statute or any amendment or repeal of a Statute shall require the previous approval of the Chancellor, who may sanction promulgation or disallow or remit it for further consideration].