(1) (a) In relation to each of the existing Universities specified in column (1) of the Schedule, with effect from the commencement of this Act, the corresponding University specified against it in column (2) of the Schedule, with the same name, is hereby constituted under this Act.
(b) The Chancellor, the Pro-Chancellor, the Vice-Chancellor, the first members of the Executive Council and the Academic Council of each of the Universities specified in column (2) of the Schedule and all persons who are deemed to be or may hereafter become or be, elected, nominated, appointed or co-opted as such Executives, officers or members of the respective University, are hereby constituted and declared to be the successor body corporate, with the same name as specified in column (2) of the Schedule, and with perpetual succession and a common seal and shall by the same name sue and be sued.
(c) The areas specified against the name of each University in column (3) of the Schedule shall be the University area and the place specified against it in column (4) of the Schedule shall be the headquarters of the University.
(2) Notwithstanding anything contained in sub-section (1), the State Government may, at any time, by notification in the Official Gazette, direct that any University shall have its headquarters at the place other than that specified against it in column (4) of the Schedule.
(3) Each University shall be competent to acquire and hold property, both movable and immovable, to lease, sell or otherwise transfer or dispose of any movable or immovable property, which vests in or be acquired by it, for the purposes of the University, and do all other things necessary for the purposes of this Act :
Provided that no such lease, sale or transfer of immovable property shall be made without the prior consent of the State Government.
(4) Notwithstanding anything contained in this Act, having regard to the interest of the State as a whole, the State Government may, by notification in the Official Gazette, entrust any specialised research programme in any University area to any other University, even though such a programme is not carried on or situated within the area of such University, for such period, and subject to such terms and conditions as may be specified in such notification.