ICFAIU Act 3Chapter II · Establishment, Objectives and Powers of University

Section 3 · Establishment of University

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(1)

As soon as after the commencement of this Act, the State Government shall call upon the sponsor to set up an Endowment Fund of Rs. one crore.

(2)

Immediately after the setting up of the Endowment Fund, the State Government shall accord sanction for establishment of the University by name the Institute of Certified Financial Analysts of the India University (Nagaland) and thereafter the sponsor shall accordingly establish the University.

(3)

The State Government shall notify the fact of establishment of the University in the Official Gazette as soon as may be after the establishment of the University by the sponsor."Provided that no such notification by the State Government shall be issued unless the High Powered Committee appointed in that behalf certifies to the State Government that all necessary infrastructure including buildings, equipments, teaching staff etc., are in place and that the provisions of Section 60, wherever applicable, have been fully complied with by the University".

(4)

The University shall be a body corporate by the name aforesaid, having perpetual succession and common seal and shall by that name, sue and be sued.

(5)

The main campus of the University shall be at Dimapur Nagaland and off-campuses, off-shore campuses, Regional Centres, Study Centres, etc., may be established in Nagaland and any where in India and abroad, with the Approval of the Board of Governors and in accordance with the University Grants Commission Act, 1956 and the regulations made thereunder.

(6)

On establishment of the University, the sponsor shall make arrangements for procuring the land as per the laws in force in the State of Nagaland and creation of necessary infrastructure for the University.

(7)

The land, building and other properties acquired for the University shall not be used for any purpose, other than that for which the same is leased/acquired.

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