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The University - (1) There shall be constituted a University by the name 'Sri Venkateswara Vedic University' for studies in Vedic and cognate disciplines, which shall consist of a Chancellor, a Vice-Chancellor, an Executive Council and an Academic Council. (2) The headquarters of the University shall be at Tirupati and it may establish campuses at such other places as it may deem fit within the State. (3) The University shall be a research, teaching, residential and affiliating University. (4) The University shall be a body corporate, having perpetual succession and a common seal and shall sue and be sued by the said Corporate name.