Section 47. Transitory provisions

Notwithstanding anything contained in this Act and the regulations made there under the 1[University] may, with the previous approval of the Chairman of the General Council and subject to the availability of funds, discharge all or any of the functions of the 1[University] for the purpose of carrying out the provisions of this Act and the regulations and for that purpose may exercise any powers or perform any duties, which by this Act and the regulations are to be exercise any powers or perform any duties, which by this Act and the regulations are to be exercised or performed by any authority of the 1[University] until such authority comes into existence as provided by this Act and the regulations.