Section 9
Institute to be not-for-profit legal entity.
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) Every Institute shall be a not-for-profit legal entity
and no part of the surplus, if any, in revenue of such Institute, after meeting all expenditure in regard to
its operations under this Act, shall be invested for any purpose other than for the growth and development
of such Institute or for conducting research therein.
(2) Every Institute shall strive to raise funds for self-sufficiency and sustainability.
(2) Every Institute shall strive to raise funds for self-sufficiency and sustainability.