A university built by statute out of two summit resolutions, with its headquarters in Nalanda district
Background
The Nalanda University Act, 2010 is Act No. 39 of 2010, and its preamble ties the university to two meetings of the East Asia Summit. The Second East Asia Summit, at Cebu in the Philippines, agreed to strengthen regional educational cooperation and to revive the Nalanda University located in the State of Bihar. The Fourth East Asia Summit, at Hua Hin in Thailand, supported its establishment and encouraged networking with existing centres of excellence in the East Asia Summit. The Act sets up the university as an international institution for the pursuit of study in the intellect, in philosophy, in history and in the spirit. Section 2 declares Nalanda University an institution of national importance. Section 4 incorporates it as a body corporate in place of the University of Nalanda established under the University of Nalanda Act, 2007, which this Act repeals, and states that its Headquarters shall be in the district of Nalanda in the State of Bihar. The university is constituted by its Visitor, Chancellor, Vice-Chancellor, Governing Board and Academic Council, and may set up centres elsewhere in India, or study centres outside India with the Governing Board's approval.
In plain words
East Asia Summit the regional leaders' meeting whose resolutions the Act carries out — Its Second and Fourth meetings asked for Nalanda University to be revived and established.
Institution of national importance a status conferred by Parliament on an institution whose objects warrant it — Section 2 of the Act confers it on Nalanda University.