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(1) The University may, for

(a) the purpose of the performance of the functions of the University, or

(b) any purpose which the University considers necessary or expedient, acquire and hold movable or immovable property, sell, lease, 12 mortgage or otherwise alienate or dispose of that property and enter into any other transaction.

(2) The halls, hostels and residential facilities for students, lecture halls, libraries, hospitals, staff quarters, bungalows, guest houses, recreation grounds and any other tenements of the University shall be exempted from the assessments and rates levied by a local authority.

(3) The intellectual property right in a work, research or other intellectual enterprise funded or otherwise undertaken with resources of the University shall vest in the University.

(4) The Council shall enact Statutes in accordance with the laws on intellectual property to govern the creation, ownership and use of intellectual property including copyright, patents, trademarks, trade names and industrial designs by the University employees.

(5) The Council may borrow money on behalf of the University and may for this purpose use University property as security.

(6) The Council shall in enacting the Statutes under subsection (4) determine the incentives for persons who undertake any work, research or other intellectual enterprise funded or otherwise undertaken with resources of the University to enable those persons benefit from their work, research or intellectual enterprise.