3. Establishment and incorporation of University.-There shall be established with effect from the date of commencement of this Act, a University by the name of Patna University with headquarters at Patna. (2) The first Chancellor, the first Vice-Chancellor, every member of the Senate, the Syndicate and the Academic Council and all persons who may here-after becomes such officers or members and so long as they continue to hold such office or membership shall together constitute a body corporate by the name of the University specified in sub-section (1). (3) The University shall have perpetual succession and a common seal and shall issue and be sued by the said name. (4) With effect from the commencement of this Act all educational institutions admitted to the privileges of the Patna University established under Patna University Act, 1961 (Bihar Act III of 1962) shall be deemed to be College admitted to the privileges of this University. (5) On the commencement of this Act, any such College and its attached hostels and other buildings, forming part of that College including furniture, library, books, laboratories, stores, instruments, apparatus, appliances and equipments, which were transferred to the Patna University established under Bihar Act no. III of 1962, and such Colleges which lie within the jurisdiction of the University are transferred on the same terms and conditions which were applicable before the commencement of this Act.