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(1) The Board of Management may, from time to time, make statutes or may amend or repeal the same. (2) Every statute or any amendment or repeal thereof, shall require the approval of the Chancellor who on the advice of Government, may sanction, disallow or remit it for further consideration. (3) No statute passed by the Board of Management, shall have validity until approved by the Chancellor and it shall come into force on the date of its approval or on such other date, as the Chancellor may fix.