(1)Where the state Government, after such inquiry as it may deem necessary, is satisfied that ICFAI, Hyderabad has fulfilled the conditions specified in sub-section (2), of section 3, it may direct the ICFAI, Hyderabad to establish an endowment fund.(2)After the establishment of the endowment fund, the State Government may, by notification in the Official Gazette, accord sanction for establishment of the University.(3)The headquarters of University shall be at Dehradun, [Uttarakhand] [Substituted by section 3 of Uttarakhand Act No. 05 of 2010.] and it may have campuses or Regional Centres, Study Centres anywhere in India or over seas with approval of the Visitor.(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 [Uttarakhand] [Substituted by section 3 of Uttarakhand Act No. 05 of 2010.] shall vest in the University.(6)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 acquired.
