THE INDIAN INSTITUTES OF MANAGEMENT ACT, 2017

ACT NO. 33 OF 2017 · Enacted [31st December, 2017.] · 39 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Declaration of certain institutions as institutions of national importance.

Section 3.Definitions.

THE INSTITUTES

Section 4.Incorporation of Institutes.

Section 5.Effect of incorporation of Institutes.

Section 6.Objects of Institutes.

Section 7.Powers and functions of Institute.

Section 8.Institutes to be open to all irrespective of sex, race, creed, caste or class.

Section 9.Institute to be not-for-profit legal entity.

THE AUTHORITIES OF INSTITUTES

Section 10.Board of Governors.

Section 11.Powers and functions of Board.

Section 12.Term of office of, vacancies among, and allowances payable to members of Board.

Section 13.Resignation of Chairperson.

Section 14.Academic Council.

Section 15.Power and functions of Academic Council.

Section 16.Director.

Section 17.Initiation of inquiry.

Section 18.Custodian of records, etc.

Section 19.Role of members of Society.

Section 20.Committees and other authorities.

ACCOUNTS AND AUDIT

Section 21.Grants by Central Government.

Section 22.Fund of Institute.

Section 23.Accounts and audit.

Section 24.Books of account to be maintained by Institute.

Section 25.Appointment of auditors.

Section 26.Annual report of Director.

Section 27.Board to consider statement of accounts.

Section 28.Annual report of Institute.

COORDINATION FORUM

Section 29.Establishment of Coordination Forum.

Section 30.Functions of Coordination Forum.

MISCELLANEOUS

Section 31.Acts and proceedings not to be invalidated by vacancies, etc.

Section 32.Return and information to be provided to Central Government.

Section 33.Institute to be public authority under Right to Information Act.

Section 34.Power of Central Government to make rules.

Section 35.Power to make regulations.

Section 36.Ordinances how made.

Section 37.Rules and regulations to be laid before Parliament.

Section 38.Power to remove difficulties.

Section 39.Transitional provisions.