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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 41 Hkkx 4¼d½ jktLFkku jkTk&i=] flRkEcj 16] 2013 39¼41½ continue to hold such office or membership, are hereby constituted a body corporate by the name of the Mody University of Science and Technology, Lakshmangarh (Sikar). (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. (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 Lakshmangarh, District Sikar (Rajasthan).