Section 10
Institute to be a distinct legal entity not-for-profit.
The Indian Institutes of Information Technology (Public-private Partnership) Act, 2017
About this Act
An Act to declare certain Indian Institutes of Information Technology established under public-private partnership as institutions of national importance, with a view to develop new knowledge in information technology and to provide manpower of global standards for the information technology industry and to provide for certain other matters connected with such institutions 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 creation of a corpus for self-sufficiency, sustainability and future development of the Institute.
(2) Every Institute shall strive to raise funds for creation of a corpus for self-sufficiency, sustainability and future development of the Institute.