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(1) There shall be established a private University by the name of the Sant Baba Bhag Singh in the State of Punjab. (2) The University shall be run and managed by the society in accordance with the provisions of this Act. (3) The University shall be a body corporate by the name mentioned in sub-section (1) and shall have perpetual succession and a common seal. It shall have the power to acquire, hold, dispose of property both moveable and immoveable and to make contract and shall sue and be sued by the said name. Establishment of the University. (4) The headquarters of the University shall be located at Village Khiala, Post Office Padhiana, District Jalandhar. (5) The University shall be self-financed and it shall not be entitled to receive any grant or other financial assistance from the State Government.