Section 3 in Indraprastha Institute of Information Technology Delhi Act, 2007
3. Incorporation.
(1)With effect from such date as the Government may, by notification in the official Gazette, appoint, there shall be established an Institute by the name of "IIIT-Delhi", comprising the Chancellor and the Director, the Board of Governors and the senate of the Institute and all such persons as may hereafter be appointed at such office or as members so long as they continue to hold such office or membership.(2)The Institute shall be a bod corporate with the name aforesaid having perpetual succession and a common seal with power, subject, to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may by the said name sue or be sued.(3)The Institute shall be financially and administratively autonomous and as such shall be self-sufficient on capital and operational accounts having its own governance as well as administrative policies and practices as prescribed.(4)The Government shall provide to the Institute an appropriate piece of land free of cost. It shall extend funds for the established of initial infrastructure including land development, architectural design, buildings, equipment and other needs. These interest free funds shall be repaid to the Government, in such timeframe as may be set by the Government and provided that the period for repayment of funds shall not commence till a period of five years from the date appointed for the commencement of this Act.(5)Notwithstanding anything said in sub-section (4) above, the Institute may approach the Government at any time for loans, on such terms and conditions as mutually agreed, to meet its expansion and development.(6)Where the Government may decide that educational facilities offered by the institute shall be given on a subsidised rate to the needy and deprived sections of the society, the Government shall make good the amount of the subsidy involved, to the Institute.
