to hold, control and administer the property and funds of the University;

• to select a coat of arms for the University, and to determine the form, to provide for the custody and to direct the use of the common seal of the University;
• to regulate and to determine all matters concerning the University in accordance with the provisions of the Act and of any appropriate Instrument;
• to administer any funds placed at the disposal of the University for specific purposes;
• to receive and accept with the concurrence of the Commission, bequests, donations and grants of property to the University;
• to consider and if necessary amend and adopt the annual report and the annual accounts of the University and to submit such report and such accounts to the Commission;
• to prepare the financial estimates of the University and to submit such estimates to the Commission;
• to make By-laws for any matter in respect of which By-laws are authorized to be made;
• to make such Regulations as are not provided to be made by any other Authority of the University;
• to provide the buildings, premises, furniture, equipment and other material needed for carrying on the work of the University;
• to appoint persons to and to suspend, dismiss or otherwise punish persons in the employment of the University: Provided that, except in the case of Officers and teachers, these powers may be delegated to the Vice-Chancellor;
• to appoint examiners, whether from the staff of the University or from elsewhere, after consideration of the recommendations of the Senate and to determine any fees which may be paid to such examiners;
• to appoint a Board of Welfare, which shall also include representatives of the students, for the promotion of the general well-being of the students of the University. The composition, powers, duties and functions of such Board shall be prescribed by Ordinance;
• to enter into, carry out or cancel contracts on behalf of the University and to invest any moneys belonging to the University including any unapplied income, in any security in which, under the provisions of Section 20 of the Trusts Ordinance or of any other written law, it is lawful to invest trust moneys; or, with the approval of the Commission, to invest any such moneys in the purchase of immovable property in Sri Lanka or vary such investments, or to place on fixed deposit in any bank approved by the Commission, any portion of such moneys not required for immediate expenditure;
• to determine, after consultation with the Senate, the academic dress or insignia, or both, of the Chancellor, the Officers, the graduates and the students of the University;
• to advise the Commission on:
  
  • the institution, abolition or suspension of Professorships, Associate Professorships, Lectureships and any other academic post, in consultation with the Senate;
  • the institution, abolition or suspension of any non-academic post; and
  • the qualifications of teachers, officers and other employees of the University; and
• to exercise all other powers of the University the exercise of which is not otherwise provided for in this Act or any appropriate Instrument;
  provided, that no resolution shall be passed by the Council in relation to any academic matter unless the Senate has first been given an opportunity of recording and transmitting to the Council its opinion thereon.