An Act amending the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in the State System of Higher Education, further providing for definitions, for establishment of the State System of Higher Education and its institutions, providing for treatment of funds other than State-appropriated funds, further providing for purposes and general powers, for project contracts, for the chancellor, for powers and duties of the Board of Governors, for powers and duties of councils of trustees, for power and duties of institution presidents, for annual audit and for annual report.