(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) On and from the appointed day, any other Institute of Information Technology as may be established under section 11 shall be a body corporate by such name as the Central Government may, by notification, specify.
     (3) Every existing Institute or any Institute established under sub-section (2) 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 its name, sue or be sued.