(1) There shall be constituted a Planning Board of the University which shall advise generally on the planning and development of the University and keep under review the standard of education and research in the University.
     (2) The Planning Board shall consist of--
         (a) The Vice-Chancellor, who shall be the Chairman, and
         (b) not more than eight persons of high academic standing who shall be appointed in such manner as may be prescribed by the Statutes.
     (3) The Visitor may determine a date with effect from which the Planning Board shall stand dissolved.