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Incorporation.- (1) The first Chairperson and the first President of the University and the first members of the Board of Management and the Academic Council and all persons who may hereafter become such officers or members, so long as they continue to hold such office or membership, are hereby constituted a body corporate by the name of the J. K. Lakshmipat University, Jaipur. (2) The movable and immovable property specified in the Schedule I shall be vested in the University and the Sponsoring Body shall, immediately after the commencement of this Act, take steps for such vesting. Hkkx 4 ¼d½ jktLFkku jkt&i=] flrEcj 15] 2011 17¼41½ 41 (3) The University shall have perpetual succession and a common seal and shall sue and be sued by the said name. (4) The University shall situate and have its headquarters at Village Chatarpura Urf Lalya Ka Bas, Tehsil Sanganer, District Jaipur (Rajasthan).