Can we draw the following hypothesis from the context (see options)? 

Context:

This capacity, joined with the historic right to have grievances settled by the Crown before approving money in support of the Crown's activities$vests in the legislature not only the formal responsibility for approving statutes but also a continuing critical overseeing of executive actions.

Hypothesis: Only the formal responsibility for approving statues is not vested in the legislature.
Options are: (I). Yes; (II). It's impossible to say; (III). No;
(III).