The Chancellor shall prepare and keep current a list of organizations in good standing. All auxiliary organizations in compliance with rules and regulations of the Trustees, and provisions made thereunder, shall be included on the list. Where the Chancellor has reason to believe that a particular organization should be removed from said list, he will give the governing board of such organization, and the president of the campus, reasonable notice that a conference will be held to determine whether grounds for such removal do in fact exist, and representatives of said board shall be entitled to be present at such conference and to be heard. The Chancellor may make such provisions consistent with law as may in his judgment be appropriate with respect to further cooperation and agreements between any campus and an auxiliary organization not included on the said list.