The President may accept or reject a faculty-approved proposal. If the President rejects a faculty-approved proposal or the Faculty Assembly rejects an Administration- or Board-sponsored proposal, the President, Vice President for Academic Affairs and Provost, the FEC, and the Academic Affairs Committee of the Board of Trustees will meet to discuss further action, which may include further study, modification, and/or re-submission of the proposal abiding by the procedures outlined in this section.