The Power hereby given to the University of suppressing any of the said Professorships of Political Economy, Chemistry, Geology, or Mineralogy may be exercised although the new Professorship substituted for any suppressed Professorship is a Professorship attached to a College, and established under a Statute of such College now in force, if the Functions and Duties of such new Professorship are subject to Regulation by the University, and are not confined to the Instruction of .Members of the College.