Establishment and incorporation of University.

3. Establishment and incorporation of University. (1) There shall be established and constituted a University by the name of the "Kamdhenu University". (2) The Chancellor, the first Vice-Chancellor and the first members of the Board of Management 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 "Kamdhenu University". (3) The University shall be a body corporate having perpetual succession and a common seal, and shall sue and be sued in the said name. (4) The University shall be competent to acquire and hold property, both movable and immovable; to lease, sell or otherwise transfer any movable and immovable property which are vested in or have been acquired by it for the purposes of the University, and to borrow money from the Central Government, State Government or any other sources; and to raise loans on the securities of its assets and to contract and do all other things necessary for the purpose of this Act: Provided that the power to raise any such loan shall be exercised after obtaining previous permission of the State Government.