1. The Council shall establish committees and processes for planning and resource allocation within the University and for the management, maintenance, and development of University buildings, and may do so jointly with the General Board. Regulations for the establishment of such committees may be made by Ordinance.
2. The Council shall be responsible for the care, management, and maintenance of all property, both real and personal, which is either owned by the University or held in trust for University purposes, except such as may be committed by Statute or Ordinance to the care and management of some other University body.
3. Approval by Grace of the Regent House shall be required for the erection of a new University building or for the demolition or substantial alteration of an existing University building.