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(1) Subject to the provisions of subsection (4) of this section, the Minister shall for every assisted institution by notice in the Gazette, establish a board of governors to act in accordance with a constitution and rules approved by him.

(2) A board of governors so established for an assisted institution shall be a body corporate with perpetual succession and a common seal and shall have power to hold and manage land for the purposes for which it is established, but shall have no power to dispose of land so held without the written authority of the President in that behalf first had and obtained.

(3) The constitution and rules approved by the Minister shall in no respect be altered, amended, varied, added to or revoked, save with the written approval of the Minister first had and obtained.

(4) A board of governors or a similar body recognised by the Minister in accordance with the provisions of any enactment in force at the commencement of this Act shall be deemed to have been established in accordance with the provisions of this section.