The Academic Council shall be the principal academic body of the University and shall, subject to the provisions of this Act, the Statutes and Ordinances made thereunder, co-ordinate and exercise control and general supervision over the academic policies of the University and shall be responsible for the maintenance of standards of learning, education, instruction, evaluation and examinations within the University and shall exercise such other powers and perform such other functions as may be conferred or imposed upon it by the Statutes.