(1) With effect from such date as the Government may, by notification in the Official Gazette, appoint, there shall be established a University by the name of "the Delhi Pharmaceutical Sciences and Research University", comprising the Chancellor, Vice- Chancellor, the Board of Governors and the Academic Council of the University and all such persons as may hereafter be appointed at such office or as members, so long as they continue to hold such office or membership.
(2) The University shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may by the said name sue or be sued.
(3) The University shall be academically and administratively autonomous, with its own operational accounts and having its own governance as well as administrative policies and practices as prescribed.
(4) The Government shall provide to the University an appropriate piece of land free of cost including the existing land, buildings, assets, faculty and staff of existing Delhi Pharmaceutical Sciences and Research Institute as a
PART IV] ' DELHI GAZETTE : EXTRAORDINARY 1 I constituent college of the University. It shall continue the financial support as per the prevailing allocation to meet the recurring and non-recurring expenditure. It shall extend funds for the establishment of new infrastructure including land development, architectural design, buildings, equipment and other needs.
(5) Notwithstanding anything said in sub-section
(6) above, the University may approach the Government at any time for future financial support, on such terms and conditions as mutually agreed, to meet its expansion and development.