(1) There shall be constituted an Academic Advisory Committee 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 Committee shall consist of
         (a) not more than seven persons of high academic standing who shall be appointed in such manner as may be prescribed by the statutes, and
         (b) the Vice-Chancellor.
     (3) The Visitor may determine a date with effect from which the Academic Advisory Committee shall stand dissolved.