IIIT Act 10Chapter II · The Institutes
Section 10 · Institute to be a distinct legal entity not-for-profit
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(1) Every Institute shall be a not-for-profit
legal entity and no part of the surplus, if any, in revenue of such Institute, after meeting all expenditure in
regard to its operations under this Act, shall be invested for any purpose other than for the growth and
development of such Institute or for conducting research therein.
(2) Every Institute shall strive to raise funds for creation of a corpus for self-sufficiency, sustainability and future development of the Institute.
(2) Every Institute shall strive to raise funds for creation of a corpus for self-sufficiency, sustainability and future development of the Institute.
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