Section 10 in The Indian Institutes of Information Technology (Public-Private Partnership) Act, 2017
10. Institute to be a distinct legal entity not-for-profit.
(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 selfsufficiency, sustainability and future development of the Institute.
