The correct answer is: Only assumption I is implicit.
The statement “The next meeting of the Governing Board of the Institute will be held after one year” does not provide enough information to determine whether or not the Institute will remain in function after one year. It is possible that the Institute will continue to function after one year, in which case the Governing Board would need to meet to discuss its affairs. However, it is also possible that the Institute will cease to function after one year, in which case there would be no need for the Governing Board to meet. Therefore, assumption I is implicit in the statement, but assumption II is not.
Here is a more detailed explanation of each option:
- Option A: Only assumption I is implicit. This is the correct answer. As explained above, assumption I is implicit in the statement, but assumption II is not.
- Option B: Only assumption II is implicit. This is not the correct answer. Assumption II is not implicit in the statement.
- Option C: Either I or II is implicit. This is not the correct answer. Assumption I is implicit in the statement, but assumption II is not.
- Option D: Neither I nor II is implicit. This is not the correct answer. Assumption I is implicit in the statement.
- Option E: Both I and II are implicit. This is not the correct answer. Assumption II is not implicit in the statement.