(1) Every University for Research and Innovation shall be a not for profit legal entity.



(2) No part of the surplus in revenue of any University for Research and Innovation, after meeting all expenditure in regard to its operations under this Act, shall be invested for any purpose other than for the growth and development of such University or for conducting research or promoting design, development and delivery of solutions therein:



Provided that no part of such surplus revenue shall be appropriated, distributed or transferred to its promoter or to any other person.