Establishment of University

(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) 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) The headquarters of University shall be at Agartala, Tripura. (4) The Chancellor, the Vice-Chancellor, members of the Board of Governor, 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) On the embellishment of the University under sub-section (2), the land and other movable and immovable properties acquired, created, arranged or built by the Sponsor / University for the purpose of the University in the State of Tripura shall vest in the University. (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.