This law allows universities to form university consortia where two or more independent universities unite under shared governance. The lead university manages the consortium while member universities maintain distinct status with their own presidents and boards. On July 1, 2026, the University of Iceland and Hólar University merge under the University of Iceland, with Hólar becoming a member university called the University of Iceland at Hólar. The University of Iceland assumes Hólar's assets, obligations and budget allocations, and the position of rector at Hólar is abolished.