Section 4
Incorporation of Institutes.
The Indian Institute of Management Act, 2017
About this Act
An Act to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied area of knowledge and to provide for certain other matters connected therewith or incidental thereto.
(1) On and from the commencement of this Act, every existing
Institute shall be a body corporate by the same name as mentioned in column (5) of the Schedule.
(2) Every Institute referred to in column (5) of the Schedule shall have perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
(2) Every Institute referred to in column (5) of the Schedule shall have perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.