Section 1: Establishment and general purposes of the University

(1) There is hereby established, as the successor of the University College, Ibadan, a university which shall be a body corporate by the name of the University of Ibadan (in this Act referred to as "the University") and shall be constituted in accordance with the provisions of this Act.
(2) It shall be the general function of the university to encourage the advancement of learning throughout Nigeria and to hold out to all persons without distinction of race, creed or sex, the opportunity of acquiring a liberal education; and for the purpose of carrying out that function it shall be the duty of the University, so far as its resources permit-
(a) to provide such facilities for the pursuit of learning and the acquisition of a liberal education as are appropriate for a university of the highest standing; and
(b) to make those facilities available on proper terms to such persons as are equipped to benefit from the use of the facilities.