Section 37. Acts and proceedings not to be invalidated by vacancies

CHAPTER VI MISCELLANEOUS 37. Acts and proceedings not to be invalidated by vacancies .—No act of the Institute or Executive Council or Academic Council or any other body set up under this Act or the Statutes, shall be invalid — merely by reason of (a) any vacancy in, or defect in the constitution thereof; or (b) any defect in the election, nomination or appointment, of a person acting as member thereof; or (c) any irregularity in its procedure not affecting the merits of the case. — 38. Grant of degrees, etc., by Institute. Notwithstanding anything contained in the University Grants Commission Act, 1956 (3 of 1956) or any other law for the time being in force, the Institute shall have power to grant degrees and other academic distinctions and titles under this Act: Provided that the nomenclature of any degree to be granted by the Institute shall be notified by the University Grants Commission with the prior approval of the Central Government. — 39. Sponsored schemes. Notwithstanding anything contained in this Act, whenever the Institute receives funds from any Government, the University Grants Commission or any other agency including industry sponsoring a research scheme, a consultancy assignment, a teaching programme or a chaired — professorship or a scholarship, to be executed or endowed at the Institute, (a) the amount received shall be kept by the Institute separately from the fund of the Institute and utilised only for the purpose of the scheme: Provided that any money remaining unutilised under this clause shall be transferred to the endowment fund set up under section 27; and (b) the staff required to execute the same shall be recruited in accordance with the terms and conditions stipulated by the sponsoring organisation with prior approval of the Central Government: Provided that the principles laid down in the General Financial Rules, 2005 shall be followed for approval of sponsored schemes funded by the Central Government.