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The Indian Institute of Management Act

An Act to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied area of knowledge and to provide for certain other matters connected therewith or incidental thereto.
2017
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title and commencement
  3. 2
     Declaration of certain institutions as institutions of national importance
  4. 3
     Definitions

  • THE INSTITUTES

  • 4
     Incorporation of Institutes
  • 5
     Effect of incorporation of Institutes
  • 6
     Objects of Institutes
  • 7
     Powers and functions of Institute
  • 8
     Institutes to be open to all irrespective of sex, race, creed, caste or class
  • 9
     Institute to be not-for-profit legal entity

  • THE AUTHORITIES OF INSTITUTES

  • 10
     Board of Governors
  • 11
     Powers and functions of Board
  • 12
     Term of office of, vacancies among, and allowances payable to members of Board
  • 13
     Resignation of Chairperson
  • 14
     Academic Council
  • 15
     Power and functions of Academic Council
  • 16
     Director
  • 17
     Initiation of inquiry
  • 18
     Custodian of records, etc
  • 19
     Role of members of Society
  • 20
     Committees and other authorities

  • ACCOUNTS AND AUDIT

  • 21
     Grants by Central Government
  • 22
     Fund of Institute
  • 23
     Accounts and audit
  • 24
     Books of account to be maintained by Institute
  • 25
     Appointment of auditors
  • 26
     Annual report of Director
  • 27
     Board to consider statement of accounts
  • 28
     Annual report of Institute

  • COORDINATION FORUM

  • 29
     Establishment of Coordination Forum
  • 30
     Functions of Coordination Forum

  • MISCELLANEOUS

  • 31
     Acts and proceedings not to be invalidated by vacancies, etc
  • 32
     Return and information to be provided to Central Government
  • 33
     Institute to be public authority under Right to Information Act
  • 34
     Power of Central Government to make rules
  • 35
     Power to make regulations
  • 36
     Ordinances how made
  • 37
     Rules and regulations to be laid before Parliament
  • 38
     Power to remove difficulties
  • 39
     Transitional provisions