Section 4 in The Institute of Chartered Financial Analysts of India University (Mizoram) Act, 2006
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 an Endowment Fund.(2)After the establishment of the Endowment Fund, the State Government shall enquire into the infrastructual development required for incorporation of the University and recruitment of teaching staff and on fulfilment of all criteria laid down by the UGC the State Government shall grant Certificate of incorporation in consultation with the UGC by publication of a notification in the official Gazette to accord sanction for establishment of the University.(3)The headquarters of University shall be at Aizawl, Mizoram and it may have campuses or Regional Centres, Study Centres anywhere in Mizoram.(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)The campus of the University shall be on the land owned/leased by the sponsor with adequate class rooms, lecturer halls, libraries, offices besides play ground and sports facilities.(6)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 Mizoram shall vest in the University. As for the land the existing provisions of the Mizo District (Land and Revenue) Act, 1956 and Rules, 1967 and law relating to land in force in Mizoram shall prevail.(7)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.(8)The University shall come into being only after its incorporation under sub-section (2) of this section.
