Section 2 in The Indian Institute of Management Act 2017

Title: Declaration of certain institutions as institutions of national importance

Description: Whereas the objects of the Institutes mentioned in the Schedule are such as to make them institutions of national importance, it is hereby declared that each such Institute is an institution of national importance

Title: Definitions

Description: In this Act, unless the context otherwise requires,— (a) “Academic Council” means the Academic Council referred to in section 14; (b) “Board”, in relation to any Institute, means the Board of Governors referred to in sub-section (1) of section 10; (c) "Chairperson" means the Chairperson of the Board of Governors of the Institutes appointed under clause (a) of sub-section (2) of section 10; (d) "Coordination Forum" means the Coordination Forum established under section 29; (e) "corresponding Institute", in relation to an Institute mentioned in column (3) of the Schedule, means an Institute as specified against the said Institute in column (5); (f) "Director", means the Director of the Institute appointed under sub-section (2) of section 16; (g) "existing Institute" means any Institute mentioned in column (3) of the Schedule; (h) "Institute" means any Institute mentioned in column (5) of the Schedule; (i) "notification" means a notification published in the Official Gazette and the expression "notify" with its cognate meanings and grammatical variation shall be construed accordingly; (j) "Ordinances" means Ordinances made by the Academic Council under this Act; (k) "prescribed" means prescribed by rules made under this Act; (l) "regulations" means regulations made by the Board; (m) "Schedule" means the Schedule annexed to this Act; (n) "society" means any of the societies registered under the Societies Registration Act, 1860 (21 of 1860) or the Mysore Societies' Registration Act, 1960 (17 of 1960) or the Madhya Pradesh Societies Registration Act, 1973 (44 of 1973) or the Tamil Nadu Societies Registration Act, 1975 (27 of 1975) or the Jammu and Kashmir Societies Registration Act, 1998 (VI of 1998) mentioned in column (3) of the Schedule.

Title: Incorporation of Institutes

Description: (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.

Title: Effect of incorporation of Institutes

Description: On and from the commencement of this Act,— (a) any reference to an existing Institute in any contract or other instrument shall be deemed as a reference to the corresponding Institute; (b) all properties, movable and immovable, of or belonging to every existing Institute shall vest in the corresponding Institute; (c) all rights and debts and other liabilities of every existing Institute shall be transferred to, and be the rights and liabilities of, the corresponding Institute; (d) every person employed by every existing Institute immediately before such commencement shall hold his office or service in the corresponding Institute, with the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters as he would have held had this Act not been enacted and shall continue to do so unless and until his employment is terminated or until such tenure, remuneration and terms and conditions are duly altered by regulations: Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms of the contract with the employee, or, if no provision is made therein in this behalf, on payment, to him by the Institute, of a compensation equivalent to three months' remuneration in case of permanent employee and one months' remuneration in the case of other employee: Provided further that any reference, by whatever form of words, to the Director, and other officers of an existing Institute under any law for the time being in force, or in any instrument or other document, shall be construed as a reference to the Director, and other officers of the corresponding Institutes; (e) every person pursuing, before commencement of this Act, any academic or research course in every existing Institute, shall be deemed to have migrated and registered with the corresponding Institute, on such commencement at the same level of course in the Institute from which such person migrated; (f) all suits and other legal proceedings instituted or which could have been instituted by or against an existing Institute, immediately before the commencement of this Act, shall be continued or instituted by or against the corresponding Institute.

Title: Objects of Institutes

Description: Each Institute shall have the following objects, namely:-- (a) to educate and support leaders who can contribute as professional managers, entrepreneurs, and stewards of existing and emerging enterprises in the private, public, and social sectors; (b) to carry out research, publication, consultancy and advisory work to advance new knowledge and innovation and to provide global leadership in management theory and practice: Provided that research so conducted shall also be directed towards such areas of study which shall enhance inclusive, equitable and sustainable national development goals as enshrined in the objects of the Act; (c) to provide management education of high quality and to promote allied areas of knowledge as well as interdisciplinary studies; (d) to sensitise management education to the vision of inclusive, equitable and sustainable national development goals in order to contribute holistically to Society; (e) to support and develop programmes promoting social and gender equity; (f) to develop educational programmes and faculties that advance the cause of education, teaching and learning, across disciplines; (g) to set-up centres for management studies and allied areas; (h) to support and collaborate with management institutions and other educational institutions in India; (i) to co-operate and collaborate with educational or management institutions in other countries to extend the interests of management education and research.