Institute of Chartered Financial Analyst of India University Act, 2005
No: 12 Dated: Jul, 13 2005
THE INSTITUTE OF CHARTERED FINANCIAL ANALYSTS OF INDIA UNIVERSITY ACT, 2005
ACT NO. 12 OF 2005
An Act To establish and incorporate an University in the State with emphasis on providing high quality and industry relevant education in the areas of Accounting, Financial Analysis and Management, Business Management, Applied Sciences and Technology, Law, Education, medical Sciences and related areas sponsored by the Institute of Chartered Financial Analysts of India (ICFAI), Hyderabad, Andhra Pradesh and to provide for matters connected therewith or incidental thereto.
Be it enacted by the Legislature of the State of Meghalaya in the Fifty-sixth Year of the Republic of India as follows:-
CHAPTER 1
Preliminary
1. Short title and commencement:- (1) This Act may be called the Institute of Chartered Financial Analysts of India University Act, 2005.
(2) It shall be deemed to have come into force on the date on which, the Notification is issued by the State Government.
2. Definitions:- In this Act, unless the context otherwise indicates:
i) “Academic Council” means the Academic Council of the University;
ii) “Act” means the Institute of Chartered Financial Analysts of India University Act, 2005;
iii) “AICTE” means the All India Council for Technical Education established under Section 3 of the All India Council for Technical Education Act, 1987;
iv) “Affiliated College” means a college or an institution which is affiliated to the University;
v) “Annual Report” means the Annual report of the University as explained in Section 44 of the Act;
vi) “Board of Governors” means the Board of Governors of the University as explained in Section 20 of the Act;
vii) “Board of Management” means the Board of Management of the University as explained in Section 21 of the Act;
viii) “Chancellor” means Chancellor of the University as explained in Section 13 of the Act.
ix) “Constituent College” means a College or an institution maintained by the University;
x) “Development Fund” means the Development Fund of the University as explained in Section 42 of the Act;
xi) “Distance Education System” means the system of imparting education through any means of information technology and communication such as multimedia, broadcasting, telecasting, online over internet, other interactive methods, e-mail, internet, computer, interactive talk-back, e-learning, correspondence course, seminar, contact program or a combination of any two or more of such means;
xii) “Endowment Fund” means Endowment Fund of the University as explained in Section 40 of the Act;
xiii) “Employee” means employee appointed by the University; and includes teachers and other staff of the University or of a constituent college;
xiv) “Faculty” means faculty of the University;
xv) “Finance Officer” means Finance Officer of the University as explained in Section 17 of the Act;
xvi) “General Fund” means General Fund of the University as explained in Section 41 of the Act;
xvii) “Prescribed” means prescribed by the Statutes;
xviii) “Principal” in relation to a constituent college means the Head of the constituent college and includes, where there is no Principal, the Vice-Principal or any other person for the time being appointed to act as Principal;
xix) “regional Center” means a center established or maintained by the University for the purpose of coordinating and supervising the work of Study Centres in any region and for performing such other functions as may be conferred on such center by the Board of management;
xx) “Registrar” means Registrar of the University as explained in Section 16 of the Act;
xxi) “Rules” means the Rules of the University;
xxii) “Sponsor” means the Institute of Chartered Financial Analysts of India, which is registered as a Society under the Andhra Pradesh (Talangana Areas) Public Societies Regsitration Act, 1350 Fasli (Act 1 of 1350 F) at Hyderabad, Andhra Pradesh (Registration No. 1602 dated 20th October, 1984);
xxiii) “State” means the State of Meghalaya;
xxiv) “State Government” means the State Government of Meghalaya;
xxv) “Statutes” means the Statutes of the University;
xxvi) “Study Centre” means a center established, maintained or recognized by the University for the purpose of advertising, counselling or for rendering any other assistance including training, conducting contact classes and administering examinations required by the students;
xxvii) “Teacher” means a Professor Associate Professor, Assistant Professor/Lecturer or such other person as may be appointed for imparting instruction or conducting research in the University or in a constituent college or institution and includes the Principal of a constituent college or institution, in conformity with the norms prescribed by the UGC;