Chapter 2 THE UNIVERSITY AND ITS OBJECTS

1. (1) The Sponsor shall have the right to establish the University in accordance with the provisions of this Act;(2) An application containing the proposal to establish a University shall be made to the State Government by the Sponsor; The proposal may contain the following particulars, namely:
   • (a) The objects of the University along with the details of the Sponsor;
   • (b) The extent and status of the University and the availability of land;
   • (c) The nature and type of programs of study and research to be undertaken in the University during a period of the next five years;
   • (d) The nature of faculties, course of study and research proposed to be started;
   • (e) The campus development such as buildings, equipment ans structural amenities;
   • (f) The phased outlays of capital expenditure for a period of the next five years;
   • (g) The item-wise recurring expenditure, sources of finance and estimated expenditure for each student;
   • (h) The scheme for mobilizing resources and the cost of capital thereto and the manner of repayments to each source;
     • (i) The Scheme of generation of funds internally through the recovery of fee from students, revenues anticipated from consultancy and other activities relating to the objects of the University and other anticipated incomes;
   • (j) The details of expenditure on unit cost, the extent of concessions or rebates in fee, freeship and scholarship for students belonging to economically weaker sections and the fee structure indicating varying rate of fee, if any, that would be levied on non-resident Indians and students of other nationalities;
   • (k) The history and credentials of the sponsor including years of experience and expertise in the concerned discipline at the command of the Sponsor as well as the financial resources;
   • (l) The system for selection of students to the courses of study at the University; (m)Nature and types of its partnership and affiliations; and
   • (n) Status of fulfilment of such other conditions as may be required by the State Government to be fulfilled before the establishment of the University.

1. (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. (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. (3) The campuses of the University shall be at any place within the State of Meghalaya with its headquarters at Tura, Meghalaya and it may have campuses or Regional Centres, Study Centres anywhere in India or abroad with approved of the Government of Meghalaya.
4. (4) The Chancellor, 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. (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 Meghalaya shall vest in the University.
6. (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.

The University shall be self-financing and shall neither make a demand nor shall be entitled to any grant in-aid or any other financial assistance from the State Government or any other body or corporation owned or controlled by the State Government.

1. (1) The University may have Constituent Colleges, Required Centres and Study Centres.
2. (2) The University may with the prior approval of the Board of Governors, affiliate any college or other institution.

The objectives for which the University is established are as follows:- (a) To provide instruction, teaching, training and research, in specialized fields of Finance and Management including Financial Analysis (leading to the CFA Charter and Designation), Accounting (leading to the CFA Certificate and Designation), Banking, Insurance, Financial Services, Financial Management, Business Management, Law, Education, Medical Sciences, various branches of Science and Technology and related subjects and make provisions for research, advancement and dissemination of knowledge therein; (b) To establish a campus in the State of Meghalaya, and to have study centers, campuses and examination centers at different places in India and abroad; (c) To offer continuing and distance education programs; (d) To institute degrees, diplomas, charters, certificates and other academic distinctions on the basis of examination, or any other method of evaluation; (e) To collaborate with other colleges or universities, research institutions, industry associations, professional associations including the Council of Chartered Financial Analysts and the Society of Certified Public Accountants or any other organization, in India or abroad, to conceptualize, design and develop specific educational and research programs, training programs and exchange programs for students faculty members and others; (f) To disseminate knowledge through seminars, conferences, executive education programs, community development programs, publications and training programs; (g) To undertake programs for the training and development of faculty members of the University and other institutions in India or abroad; (h) To undertake collaborative research with any organization in India or abroad; (i) To create higher levels of intellectual abilities; (j) To provide consultancy to industry, Government and Public Organization. (k) To ensure that the standard of the degrees, diplomas, charters, certificates and other academic distinctions are not lower than those laid down by AICTE/NCTE/UGC/MCI/DEC/DCI/INC and Pharmacy Council of India; (l) To do all things necessary or expedient to promote the above objectives; (m)To pursue any other objective as may be approved by the State Government.

1. The University shall have the following powers, namely: (a) To establish, maintain and recognize such Regional Centres and Study Centres as may be determined by the University from time to time in the manner laid down by the statutes; (b) To carry out all such other activities as may be necessary or feasible in furtherance of the object of the University; (c) To confer degrees, diplomas, charters, certificates or other academic distinctions and professional designations including the CFA Charter and Designation, the CPA Certificate and Designation in the manner and under conditions laid down in the Statutes; (d) To institute and ward fellowship, Scholarships and prizes etc., in accordance with the Statutes; (e) To demand and receive such fees, bills, invoices and collect charges as may be fixed by the Statutes or rules, as the case may be; (f) To make provisions for extracurricular activities for students and employees; (g) To make appointment of the faculty, officers and employees of the University or a constituent college, affiliated colleges, Regional Centres, Study Centres located in India and abroad; (h) To receive donations and gifts of any kind and to acquire, hold, manage, maintain and dispose of any movable or immovable property, including trust and endowment properties for the purpose of the University or a constituent college, or a Regional Centre, Study Centre; (i) To institute and maintain hails and to recognize places of residence for students of the University or a constituent college at the main campus and other campuses in India and abroad; (j) To supervise and control the residence, and to regulate the discipline among the students and all categories of employees and to lay down the conditions of service of such employees, including their Code of Conduct; (k) To create academic, administrative and support staff and other necessary posts; (l) To co-operate and collaborate with other Universities and Institutions in such a manner and for such purposes as the University may determine from time to time; (m)To offer programs on distance learning basis and continuing education and the manner in which such programs are offered by the University; (n) To organize and conduct refresher courses, orientation courses, workshops, seminars and other programs for teachers, developers of course ware, evaluators and other academic staff; (o) To determine standards of admission to the University, constituent colleges, affiliated colleges, regional centers, study centers with the approval of Academic Council; (p) To make special provision for students belonging to the State of Meghalaya for admission in any course of the University or in a constituent college, affiliated college, regional centre or study centre; (q) To do all such other acts or things whether incidental to the powers aforesaid or not, as may be necessary to further the objects of the University; (r) To prescribed such courses for Bachelor Degree, Master Degree, Doctor of Philosophy, Doctor of Science Degrees and Research and such other Degrees, Diplomas, Charters, Certificates etc; (s) To provide for the preparation of Instructional materials, including films, cassettes, tapes, video cassettes, CD, VCD and other software; (t) To recognize examinations or periods of study (whether in full or in part) of other Universities, institutions or other places of Higher learning as equivalent to examinations or periods of study in the University and to withdraw such recognition at any time; (u) To raise, collect, subscribe and borrow with the approval of the Board of Governors whether on the security of the property of the University, money for the purposes of the University; (v) To enter into, carry out, vary or cancel contracts; (w)To do all things necessary or expedient to exercise the above powers;

The University shall be open to all persons irrespective of class, caste, creed, religion, language or gender; Provided that nothing in this section shall be deemed to require the University from making special provisions for admission students of the State.

The University will seek accreditation from respective national accreditation bodies.