Amendment status not verified — confirm the current text below against the official source.
Issuance of letter of intent and submission of compliance report by sponsoring body. — (1) After the receipt of the report of the committee constituted under section 5, if the Government is satisfied that it is proper to establish the University, it may issue a ‘Letter of Intent’ and required sponsoring body to; (i) establish an endowment fund in accordance with the provisions of this Act; (ii) 6[own or possess on long term lease basis] as much land and constructions thereon as may be required by the Government in its notification issued from time to time; [“(ii) own or possess on a lease atleast for a period of 30 years, a land not less than 50,000 (fifty thousand) square meters or such land as per the requirement of the regulatory body, whichever is higher] 7[and may possess an off-campus centre adhering to the guidelines of the regulatory body so as to start the operation of the university in the initial stages until the expiry of the maximum period specified in sub-section (2) of this section or until the main campus is established, whichever is earlier,] (iii) own library, computers and other equipment and the required infrastructure facilities for running academic and research activities as may be required by the regulatory bodies and the Government from time to time. (iv) give an undertaking to appoint at least one Professor, two Associate Professors and ---6--- adequate number of Assistant Professors and Research Associates along with necessary supporting staff in each department or discipline to be started by the University and as required by the Regulatory Authority. (v) give an undertaking to take up cocurricular activities like seminars, debates, quiz programs and extracurricular activities like games, sports, National Service Scheme, National Cadet Corps, Rovers and Rangers etc., for the benefit of students as per the instructions of the Regulatory Authority. (vi) give an undertaking for establishment of provident fund/National Pension Schemes and to take up welfare programs for the officers, teachers and employees of the University; and (vii) fulfil such other conditions and provide such other information as may be required by the Regulatory Authority and the central regulatory bodies constituted by the Government of India/Government of Goa as the case may be. (2) The sponsoring body shall after complying with the provisions of section 3, report the compliance to the Government within a maximum period of 8[five years] from the date of issue of the letter of intent. 9[Provided that the Government may, if it is satisfied that the sponsoring body could not comply with the provisions of section 3 within the said period of five years for reasons stated in writing, extend the said period by further period of two years, on the request made by the sponsoring body for such extension.] (3) If the sponsoring body fails to comply with the provisions of section 3, the Government shall have power to withdraw the letter of intent issued to the sponsoring body under sub-section (1).