University to be a distinct legal entity not-for profit.

(1) The University shall be a not-for-profit legal entity and no part of the surplus, if any, in revenue of the University, after meeting all expenditure in regard to its operations under this Act, shall be invested for any purpose other than for the growth and development of the University or for conducting research therein.

(2) The University shall strive to raise funds for the creation of a corpus for self-sufficiency, sustainability and future development of the University.