''The University shall be open to all persons of either sex and of whatever race, creed or class, and it shall not be lawful for the University to adopt, or impose on any person, any test whatsoever of religious belief or profession, or any condition as to race, in order to entitle him to be admitted to the University as a teacher or student, or to hold any office in the University, or to be qualified for a degree, diploma, licence, certificate or other academic distinction, or to obtain a scholarship, prize or other academic reward, or t0 enjoy or exercise any other privilege of the University, except where such test or condition is in respect of any particular benefaction accepted by the University and such test or condition is made a condition thereof by any testamentary or other instrument creating such benefaction...''