(1) There is a Chancellor of the University.
(2) The Council must appoint a person to the office of Chancellor of the University when there is a vacancy in that office.
(3) A person may be appointed Chancellor whether or not the person is a member of the Council.
(4) The Chancellor holds office—
(a) for a term not exceeding 5 years fixed by the Council in accordance with the university statutes and is eligible for reappointment; and
(b) on the conditions determined by the Council in accordance with the university statutes and university regulations.