(1)The Chancellor, [the Vice-Chancellor and the Pro-Vice Chancellor of the University] [Substituted for 'the Vice-Chancellor of the University' by Gujarat 10 of 1982, dated 24th February, 1982 (w.r.e.f. 09-12-1981).] and [the members] [These words were substituted for the words 'the member' by Bombay 18 of 1953, section 3 and Second Schedule] of the [Court] [This word was substituted for the word 'Senate' by Gujarat 6 of 1973, section 2 (1).], the [Executive Council] [These words were substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).] and the Academic Council of the University and all persons who may hereafter become such officers or members, so long as they continue to hold such office or membership, are hereby constituted a body corporate by the name of "The Gujarat University".(2)The University shall have perpetual succession and a common seal and shall sue and be sued by the said name.(3)The University shall be competent to acquire and hold property, both movable and immovable, to lease, sell or otherwise transfer any movable or immovable property which may have become vested in or been acquired by it for the purposes [of the University, to raise loans upon the security of its assets] [These words were substituted for the words 'of the University' by Gujarat 40 of 1963, section 2, Schedule] and to contract and to do all other things necessary for the purposes of this Act:[Provided that the power to raise loans upon the security of its assets shall be exercised after obtaining previous permission of the State Government.] [This proviso was added by Gujarat 40 of 1963, section 2, Schedule]
