The University of Baymore

The University has a Rector, usually a priest of Hlal, who is elected by the professors. The Rector is the University's head and has the final say on any decision, but must respect the wishes of the Deans' Hall. The Rector remains in office for 10 years, or until he is deposed by a unanimous vote from the Deans' Hall.
The Deans are heads of the seven different Colleges within the University. These are: the College of Faith, the College of History, the College of Wealth, the College of Science, the College of Industry, the College of Magic and the College of Artistry. The Deans form the Deans' Hall which holds a lot of influence over University politics and they can also decide on most matters within their respective College, like tuition fees. Deans are elected from and by the professors within each College. Deans remain in office for life.
The professors have a lot of freedom within determining what they will teach their students and which students pass and fail. Any professor can become the next Rector and without first being a Dean, though that is rare, and they can all vote in the Rector elections.

The University holds a lot of influence over the Kingdom's politics, as many nobles send their children to be educated there, or hire University educated tutors for their children.

The University of Baymore was founded by Silvain Hennequin, and elvish scholar born in Baymore in 3482 AD. Silvain became a priest of Hlal early in his adulthood and worked at the temple in Baymore, collecting knowledge and studying various fields, from history to theology and science. He published his first book, "Siege Engines and their Use," in 3663 and it was an immediate success. It is still regarded as one of the foremost works in military theory, and it made Silvain quite wealthy and very well known in scholarly circles. With the money he earned from the book, he bought an old inn located right next to the Temple of Hlal. He turned the inn into a private military school named Hlal's College.
The independent college grew in popularity and size, hiring more and more professors and incorporating nearby buildings. It began teaching other subjects that had nothing to do with warfare, until it was renamed to Hlal's University in 3989. At this point Silvain Hennequin was still the College's Dean and he named himself the University's Rector. He continued leading the University until his death in 4023, establishing the seven Colleges and the basis of the University's current rules and practices.
After Hennequin's death the University's rectors were appointed for life at first, but the length of their mandate was changed to ten years after a couple stepped down early and a couple more had to be voted out of office. The University also moved a couple streets over to another set of buildings in 4321 after the original building was burned during the Sack of Baymore, and renamed itself into the University of Baymore in the process.
The University's current set of buildings finished construction in 4373 after 15 years. The University of Baymore has stayed more or less the same ever since.