Establishment and incorporation

Establishment and incorporation.

1. (1) Subject to the provisions of this Act, the State Government may, by notification, establish a unitary, self financing University by the name of the ASBM University, Odisha after the Endowment Fund is set up by the Sponsoring Body in accordance with the provisions of section 38.
2. (2) The Sponsoring Body shall, —
   • (i) assign the existing campus of Asian School of Business Management situated in the land measuring five acres at Mouza Andharua, PS – Chandaka, Tahasil – Bhubaneswar in the district of Khurdha along with built-up area of approximately 28,547 sq. mtrs., which includes administrative building and academic building, hostels, guest house, auditorium, library, computer lab etc., and shall provide minimum fifteen acres of land in Mouza Ratagarh Lenkasahi, PS – Baranga, Tahasil – Baranga in the district of Cuttack, which shall be the campus of the University;
   • (ii) assign books, journals, equipments, computers, furniture, other movable and immovable assets and infrastructure facilities other than buildings referred to in clause
   • (i) located in the existing campus of Asian School of Business Management referred to in clause (i); and
   • (iii) establish an Endowment Fund of rupees five crores as explained in section 38.
3. (3) The Sponsoring Body, after fulfilment of the requirements and conditions specified in sub-section (2), shall make a report of compliance to the State Government.
4. (4) The State Government, if satisfied after considering the compliance report submitted by the Sponsoring Body under sub-section (3), that the provision of sub-section
5. (2) has been complied, may issue notification under sub-section
6. (1) to establish the University with the description of location, jurisdiction and such other conditions as may be specified in this behalf.
7. (5) On and from the date of issue of such notification, it shall be deemed to have been established and incorporated as a University by the name of ASBM University, Odisha.
8. (6) The notification issued under sub-section
9. (1) shall be laid before the State Legislature for a period of fourteen days comprising one session or more than one session thereof.
10. (7) The University shall be a body corporate having perpetual succession and common seal with powers, subject to the provisions of this Act, to acquire, own and dispose of property, and to contract and to do all things necessary for the purposes of this Act and shall sue and be sued by the same name.
11. (8) In all the suits and other legal proceedings by or against such University, the pleadings shall be signed and verified by the Registrar and all processes in such suits and proceedings shall be issued to and be served on the Registrar.
12. (9) The University shall be located at Mouza Andharua, PS Chandaka, Tahasil Bhubaneswar in the district of Khurdha and in the Mouza Ratagarh, Lenkasahi P.S and Tahasil – Baranga, District - Cuttack.