10 6. Distribution in the Event of Liquidation In the event of liquidation of the University or the permanent cessation of its activities, should any funds or assets remain after the discharge of all its debts and liabilities, such funds or assets shall, at the Council's discretion, be given or transferred to an institution or institutions having aims similar to those of the University or other educational aims, which are restricted in the distribution of its or their income or assets to at least the same extent as the University is restricted. UNIVERSITY AUTHORITIES AND OFFICE HOLDERS 7. The Council The Council is the supreme authority of the University and is vested with all the powers thereof, unless otherwise determined in the Statutes or the General Regulations. 8. The Executive Committee 8.1 The Executive Committee shall be responsible for outlining policies, determining strategy, overseeing corporate organizational structure and overseeing the proper management of the institution and its assets. 8.2 The Executive Committee shall be elected by the Council from among the members thereof, further to the recommendation of the Chancellor, the Chairman of the Executive Committee, and the President. The Executive Committee shall be responsible to the Council for its activities. 8.3 The Council shall elect the Chairman of the Executive Committee, and may but is not obliged to, elect a substitute therefor, as specified in the General Regulations.
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