(i)the existing Hon. Director of the Foundation holding the office at the time of commencement of this Act shall be deemed to have been appointed as the first Director. The Director subject to availability of funds discharges all or any of the functions of the University for the purpose of carrying out the provisions of this Act and the Regulations and for that purpose may exercise any power or perform any duty which by this Act and the Regulations are to be exercised or performed by any authority of the University until such authority comes into existence as provided by this Act and the Regulations;
