Section 4 in The Institute of Chartered Financial Analysts of India University Act, 2005
4. Establishment of University.
(1)Where the State Government, after such Inquiry as it may deem necessary, is satisfied that the Sponsor has fulfilled the conditions specified in sub-section (2), of Section 3, it may direct the Sponsor, to establish and Endowment Fund.(2)After the establishment of the Endowment Fund, the State Government may, by notification in the Official Gazette, accord sanction for establishment or the University.(3)The campuses of the University shall be at any place within the State of Meghalaya with its headquarter at Tura, Meghalaya and it may have campuses or Regional Centres, Study Centres any where in India or abroad with approval of the Government of Meghalaya.(4)The Chancellor, the Vice-Chancellor, members of the Board of Governors, members of the Board of Management and the Academic Council for the time being holding office as such in the University so established, shall constitute a body corporate and can sue and be sued in the name of the University.(5)On the establishment of the University under sub-section (2), the land and other movable and immovable properties acquired, created, arranged or built by the University for the purpose of the University in the State of Meghalaya shall vest in the University.(6)The land, building and other properties acquired for the University shall not be used for any propose, other than that for which the same is acquired.
