Section 5 in The Nalanda University Act, 2010
Title: Effect of establishment of University
On and from the date of commencement of this Act,--
(a) any reference to the University of Nalanda in any contract or other instrument shall be deemed as a reference to the University;
(b) all property, movable and immovable, of or belonging to the University of Nalanda shall vest in the University;
(c) all rights and liabilities of the University of Nalanda shall be transferred to, and be the rights and liabilities of, the University;
(d) every person employed by the University of Nalanda immediately before the commencement of this Act shall hold his office or service in the University by 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 the same if this Act had 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 the Statutes:
Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the University in accordance with the term of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the University of compensation equivalent to three months' remuneration in case of permanent employees and one months remuneration in the case of other employees:
Provided further that every person employed before the commencement of this Act, pending the execution of a contract under section 33, shall be deemed to have been appointed in accordance with the provisions of a contract consistent with the provisions of this Act and the Statutes:
Provided also that any reference, by whatever form of words, to the Visitor, Chancellor or Vice-Chancellor of the University of Nalanda in any law for the time being in force, or in any instrument or other document, shall be construed as a reference respectively to the Visitor, Chancellor or Vice-Chancellor of the University;
(e) the Visitor of the University of Nalanda, appointed under the provisions of the University of Nalanda Act, 2007 (Bihar Act 18 of 2007) shall be deemed to have been appointed to be the nominee of the Visitor and such nominee be also the first Visitor under this Act for a period of five years from the date of commencement of this Act;
(f) the Chancellor of the University of Nalanda, appointed under the provisions of the University of Nalanda Act, 2007 (Bihar Act 18 of 2007) shall be deemed to have been appointed as the Chancellor under section 14 of this Act, and shall hold office for a period of three years from the date of commencement of this Act;
(g) the Vice-Chancellor of the University of Nalanda, appointed under the provisions of the University of Nalanda Act, 2007 (Bihar Act 18 of 2007) shall be deemed to have been appointed as the first Vice-Chancellor under this Act, and shall hold office for a period of five years from the date of commencement of this Act; and
(h) all Colleges, Institutions, Faculties and Departments affiliated to, or admitted to the privileges of, or maintained by, the University of Nalanda shall stand affiliated to, or admitted to the privilege of, or maintained by, the University
The jurisdiction of the University shall extend to whole of India and to centres established within or outside India.
Title: Governing Board.
(1) There shall be a Governing Board of the University consisting of the following persons as its members, namely:--
(a) the Chancellor;
(b) the Vice-Chancellor;
(c) five members from amongst the Member States which provide maximum financial assistance during a period of three years to be nominated by the Member States;
(d) one member, not below the rank of Secretary in the Ministry of External Affairs, to be nominated by the Central Government;
(e) two members, representing the State Government of Bihar, to be nominated by the State Government;
(f) one member not below the rank of Additional Secretary in the Ministry of Human Resource Development, to be nominated by the Central Government;
(g) three members from amongst the persons being renowned academician or educationist, to be nominated by the Central Government.
(2) Each member of the Governing Board referred to in clauses (c) to (g) of sub-section (1), shall hold office for a fixed term of three years.
(3) The Chancellor shall be the Chairperson of the Governing Board.
(4) The member, being the Secretary in the Ministry of External Affairs, nominated under clause (d) of sub-section (1), shall be the Member-Secretary of the Governing Board.
(5) Subject to the provisions of this Act, the Statutes and the Ordinances made thereunder, the Governing Board may regulate its own procedure (including quorum) for the conduct of its meetings
Title: Powers and functions of Governing Board.
(1) The Governing Board shall be responsible for all the policies and directions of the University and management of its affairs.
(2) The Governing Board shall exercise such powers as may be prescribed by the Statutes:
Provided that the Nalanda Mentor Group shall exercise the powers and discharge the functions of the Governing Board for a period of one year or till such time the members referred to in clauses (c) to (g) of sub-section (1) of section 7 are nominated, whichever is earlier.
Title: Objectives of University.
(1) The objectives of the University shall be—
(a) to impart education and to enable research towards capacity building of the Member States in the domain of ancient science (in particular, practised in the Nalanda several centuries ago), philosophy, language, history and other areas of higher learning vital for improving the quality of life;
(b) to contribute to the promotion of regional peace and vision by bringing together the future leaders of the East Asia, who by relating to their past history can enhance their understanding of each others' perspectives and to share that understanding globally;
(c) to harmonise the academic standards and accreditation norms in teaching, research and curriculum that are acceptable to all Member States;
(d) to create a unique partnership between the scholars and interested persons from the Member States;
(e) to understand Buddha's teachings in the contemporary context without excluding any other thoughts and practices from any other parts of the world;
(f) to enhance research for greater interaction between Asian countries, particularly between East Asia, bound by strong historical commonalities in areas like trade, science, mathematics, astronomy, religion, philosophy and cross-cultural current;
(g) to foster in the students and scholars the spirit of accommodation, understanding and thus to train them to become exemplary citizens of democratic societies;
(h) to contribute to the improvement of the educational system of the Member States in view of the teaching in Nalanda several centuries ago;
(i) to provide education and training in various arts, crafts and skills of the Member States, raising their quality and improving their availability to the people.
(2) The University shall be non-profit public-private partnership, which shall seek support from each of the Member States and from other sources but shall be autonomous and accountable to the Governing Board.