15.—(1) F9[…] each university shall have a governing authority established in accordance with this Act which shall be known by whatever name the governing authority decides.

(2) Subject to this Act, the functions of a university shall be performed by or on the directions of its governing authority.

(3) All acts and things done by a governing authority, or in the name of or on behalf of the university with the express or implied authority of the governing authority, shall be deemed to have been done by the university.

(4) The Third Schedule shall apply to the governing authority.