(1) There shall be an Authority to be known as "the Fees Regulating Authority" to exercise the powers conferred on, and discharge the functions assigned to it, under this Act.
(2) The State Government may, by notification in the Official Gazette, constitute the Authority under sub-section (1). The said Authority shall be a body corporate having perpetual succession and common seal and shall have power to acquire, hold, and dispose off property both movable and immovable, and to do all things necessary for the purpose of this Act, and may sue or be sued by its name.
(3) The Authority shall consist of,-
( a ) a retired Judge of High Court or retired officer of the Government of the rank of Chief Secretary 1 [or Additional Chief Secretary] .. Chairperson (b) an eminent educationist who has worked as Vice-Chancellor of University .. Member 2 [( c ) two Chartered Accountants of repute who are members of the Institute of Chartered Accountants of India, for a period of not less than ten years .. Member ( d ) two Cost Accountants of repute who are members of the Institute of Cost and Works Accountants of India, for a period of not less than ten years, or the financial experts of repute .. Member] ( e ) an expert of repute from the field of Professional Education .. Member 3 [* * * * * *] ( g ) the Director of Technical Education .. Member ( h ) the Director of Higher Education .. Member 4 [( h-1 ) the commissioner, Medical Education .. Member ( h-2 ) the Director, Directorate of AYUSH, Maharashtra State .. Member] ( i ) the Member-Secretary of the Maharashtra Council of Agricultural Education and Research .. Member 5 [( j ) an Officer of the State Government not below the rank of Joint Secretary. .. Member-Secretary].
(4) The Chairperson and of members under clauses (a), (b), (c), (d) and (e) of sub-section (3) shall be appointed by the Government.
[(4A) The Chairperson may invite the Registrar of any University in the State of Maharashtra as an invitee member when the business of the Fees Regulating Authority pertaining to the professional courses concerted with that University is transacted.
(4B) The Chairperson may also invite any person or officer from the field of Higher Education, Technical Education, Medical and Health Science, Architecture, Agriculture, Ayurved Medicine, Homeopathy, Dental, Nursing or Pharmacy Education for obtaining their expert opinion. Such expert invitees may participate in the proceedings of the meetings of the Fees Regulating Authority, but they shall have no right to vote.]
(5) No person who is associated with any private aided or unaided Professional Educational Institution shall be eligible for being a [member or experts] of the Fees Regulating Authority.
(6) A Member of the Fees Regulating Authority shall cease to be so, if he does any act which in the opinion of the State Government is unbecoming of a member of the Authority.
(7) The Chairperson shall preside over the meeting of the Fees Regulating Authority and the Authority may adopt its own procedure, by regulations as it may deem fit.
(8) No act or proceeding of the Fees Regulating Authority shall be deemed to be invalid by reason merely of any vacancy in, or any defect in the constitution thereof.