Incorporation of University

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3.

1. (1) With effect from the appointed date, the existing Laxminarayan Institute of Technology, Nagpur shall, stand constituted as a non-affiliating unitary University, by the name of the “Laxminarayan Innovation Technological
   • (LIT) University, Nagpur”.
2. (2) The University shall be a body corporate, by the name specified in sub-section
3. (1) and shall have perpetual succession and a common seal and shall sue and be sued by the said name.
4. (3) In all suits and other legal proceedings by or against the University, the pleadings shall be signed and verified by the Registrar or any other person authorized in this behalf, and all process in suits and proceedings shall be issued to and served on the Registrar.
5. (4) The headquarters of the University shall be at Nagpur, Maharashtra.
6. (5) The jurisdiction of the University shall extend to the whole of the State of Maharashtra.
7. (6) The University shall be competent to acquire and hold property, both movable and immovable, to transfer by way of lease, sell, mortgage, leave and license, gift, Memorandum of Understanding
   • (MoU) or otherwise or dispose of any movable or immovable property, which may vest in or be acquired by it for the purposes of the University, and to contract and do all other things necessary for the purposes of this Act: Provided that, no such transfer by way of lease, sell, mortgage, leave and license, gift, Memorandum of Understanding
   • (MoU) or otherwise, or dispose of such property shall be made without the valuation made thereof by the approved valuer appointed by the University and without the prior permission of the State Government: Provided further that, no prior permission of the State Government shall be required under the first proviso, where the transfer of immovable property is temporarily for the period up to ten years or ten years in aggregate for activities as may be required to fulfill in furtherance of the objects of the University and for renewal of such transfer beyond ten years, the prior permission of the State Government shall be necessary.
8. (7) On and from the appointed date,-
   • (a) the control and management of the existing Institute together with the control and management of all properties and assets including any cash balance held by the existing Institute or on its account, whether in deposit with any Bank or otherwise pertaining thereto, shall stand transferred to, and vest in the University;
   • (b) save as provided in this section, all rights, powers and privileges, duties, debts, liabilities and obligations of the existing Institute contractual or otherwise, arising or accrued or incurred in relation to the affairs of the existing Institute, shall stand transferred to, and vest in the University;
   • (c) any doubt or difference in regard to transfer of any asset or liability under foregoing clauses shall be referred to the Government, through the Director of Technical Education, and the decision of the State Government thereon shall be final;
   • (d) the signatories for all existing documents, deeds or the like shall be the legal authorities of the University and the previous concerned authorities shall cease to be custodians of the same.
9. (8) The properties, assets and rights transferred to the University by virtue of sub-section (7), shall continue to be utilized for the purposes for which they were being utilized or were intended to be utilized immediately before the appointed date.
10. (9) On and with effect from the appointed date,-
    • (a) the existing Institute, shall stand de-affiliated in a phased manner from the Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur: Provided that, the students who have taken admission prior to the appointed date, shall continue with the privileges of the Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur, till the completion of their existing courses and get degrees or awards of the Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur;
    • (b) for the students of the existing Institute, the Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur shall make arrangement for conferment of the corresponding degree, diploma and other academic distinction, on the basis of the result of such examination.