40.1. The board of directors may, by by-law, delegate to the principal, to a vice-principal or to any member of the personnel of the constituent university the power to authorize expenditures and, accordingly, enter into contracts in the name of the constituent university.
Every by-law under this section shall indicate
(1) the field of jurisdiction within which the delegation applies;
(2) the amount of expenditure which may be authorized by the principal, a vice-principal or a member of the personnel;
(3) any other condition relating to the delegation.