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Statutes, how made.-- (1 ) Omitted. (2) The Syndicate may, from time to time make statutes and amend or repeal the statutes, in " the manner herein- after provided in this section. " (3) Any member of the Syndicate may propose to the Syn- dicate the draft of a statute and the. Syndicate may ei- ther accept or reject the draft. (4) A statute passed by the Syndicate shall be submitted to the Chancellor who may assent thereto or withhold his assent. A statute passed by' the Syndicate shall have no validity until it has been assented to by the Chancellor. 49 CHAPTER VII UNIVERSITY FUNDS