(1) Deakin University is declared to have been established on 10 December 1974.
(2) The University established in accordance with subsection (1) and as constituted under the Deakin University Act 1974 as in force immediately before its repeal—
(a) continues in existence under this Act; and
(b) is a body politic and corporate by the name "Deakin University".
(3) The University consists of—
(a) the Council; and
(b) the staff, other than staff of any class that is designated from time to time by the Council not to be staff for the purposes of this section; and
(c) the graduates; and
(d) the students; and
(e) the emeritus professors of the University.