In 1952, the "Carleton College Act" was passed by the Ontario Legislature, changing the school's corporate name to Carleton College and conferring upon it the power to grant university degrees. Carleton thus became the province's first private, non-sectarian college. The governance system was modelled on the provincial "University of Toronto Act" of 1906 which established a bicameral system of university government consisting of a Faculty Senate, responsible for academic policy, and a Board of Governors composed of local community members, exercising exclusive control over the institution's finances and formal authority over all other matters. The President, appointed by the Board, was to provide a link between the two bodies and to perform institutional leadership.