 In 1959, the Legislative Assembly of Ontario passed an act which formally split the Associated Faculties from Waterloo College, and re-established it as the University of Waterloo.The governance was modelled on the University of Toronto Act of 1906, which established a bicameral system of university government consisting of a senate, responsible for academic policy, and a board of governors exercising exclusive control over financial policy and having formal authority in all other matters.The president, appointed by the board, was to act as the institution's chief executive officer and act as a liaison between the two groups.