ICFAI University Act, 2003
No: 16 Dated: Jul, 10 2003
ICFAI University Act, 2003
An Act to establish and incorporate an University in the State with emphasis on providing high quality and industry relevant education in the areas of applied financial management, General Management, Applies Sciences and Technology, sponsored by the Institute of Charted Financial Analysts of India (ICFAI) Hyderabad, Andhra Pradesh and to provide for matters connected therewith or incidental thereto.
It is hereby enacted in the fifty-fourth year of the Republic of India as follows:
CHAPTER -1
Preliminary
1. Short title and commencement. - (1) This Act may be called the ICFAI University Act, 2003.
(2) It shall be deemed to have come into force on the date, the notification is issued by the State Government.
2. Definitions. - (1) In this Act, unless the context otherwise requires:-
(a) "Academic Council" means the Academic Council of the University;
(b) "Constituent College" means a college or institution maintained by the University;
(c) "Council for Technical Education" means the All India Council for Technical Education established under section 3 of the All India Council for Technical Education Act, 1987;
(d)"Distance Education system" means the system of imparting education with in the State through any means of information technology and communication such as multimedia, broadcasting, telecasting online on internet, other interactive methods, e-mail, internet, computer, e-learning, correspondence course or a combination of any two or more of such means;
(e) "Employee" means employee appointed by the University, and includes teachers and other staff of the University or of a constituent college;
(f) "Faculty" means faculty of the University;
(g) "Prescribed" means prescribed by the Statutes;
(h) "Principal" in relation to a constituent college, means the head of the constituent college and includes, where there in no Principal, the Vice-principal or any other person for the time being appointed to act as principal;
(i) "Regional Centre" means a centre within the State established or maintained by the University for the purpose of coordinating, supervising the work of Study Centres located in the State and for performing such other functions as may be conferred on such centre by the Board of Management;
(j) "State" means State of Uttarakhand
(k) "Statutes" and Rules" means respectively, the statutes and Rules of the University;
(l) "Study Centre" means a centre within the State, established, maintained or recognized by the University for the purpose of advising, counselling or for rendering such other assistance required by the students;
(m) "ICFAI" means the Institute of Chartered Financial Analysts of India, the sponsoring body or the ICFAI University, which is a registered Society at Hyderabad, Andhra Pradesh;
(n) "Teacher" means a professor, Associate Professor, Assistant Professor/Lecturer or such other person as may be appointed for imparting instruction or conduction research in the University or in a constituent college and institution and includes the principal of a constituent college, in conformity with the norms prescribed by the UGC;
(o) "UGC" means the University Grants Commission established under the University Grants commission Act, 1956
(p) "University" means the ICFAI University established under this Act, which shall function within the State of Uttarakhand and shall comply with the orders and guidelines of the University Grants Commission;
(q) "Visitor" means the Visitor of the University.
CHAPTER-II
The University and its objects
3. Proposal for the establishment of the University. - (1) ICFAI shall have the right to establish the University in accordance with the provisions of this Act.
(2) An application containing the proposal to establish a university shall be made to the State Government by the ICFAI.
The proposal shall contain the following particulars, namely:-
(a) the objects of the University along with the details of the ICFAI;
(b) the extent and status of the University and the availability of land;
(c) The nature and type of programs of study and research to be under taken in the University during a period of the next five years;
(d) The nature of facilities, courses of study and research proposed to be started;
(e) The campus development such as buildings, equipment and structural amenities;
(f) The phased outlays of capital expenditure for a period of the next five years;
(g) The item-wise recurring expenditure, sources of finance and estimated expenditure for each student;
(h) The scheme for mobilizing resources and the cost of capital thereto and the manner of repayments to each source;
(i) The scheme of generation of funds eternally through the recovery of fee from students, revenues anticipated from consultancy and other activities relating to the objects of the University and other anticipated incomes;
(j) The details of expenditure on unit cost, the extent of concessions or rebates in fee, free ship and scholarship for students belonging to economically weaker sections and the fee structure indication varying rate of fee, if any, that would be levied on non resident Indians and students of other nationalities;
(k) The year of experience and expertise in the concerned discipline at the command of the ICFAI as well as the financial resources;
(l) The system for selection of students to the courses of study at the University; and
(m) Status of fulfillment of such other conditions as may be required by the State Government to be fulfilled before the establishment of the University.