Université Laval is governed by a board of governors and a faculty senate. This structure was modelled on the provincial University of Toronto Act of 1906, which established a bicameral system of university government consisting of a senate (faculty), responsible for academic policy, and a board of governors (citizens) exercising exclusive control over financial policy and having formal authority in all other matters. The president, appointed by the board, was to serve as a link between the two bodies and lead the institution.