The Faculty of Science realized the importance of having a sound financial management system as a prerequisite to serve industries/external research projects effectively. As such, the idea of registering the “Cell” as a company limited by guarantee was discussed at several Faculty Board meetings from December 2012 to March 2013. The companies act No. 7 of 2007 refers to the company limited by guarantee as follows. “a company that does not issue shares, the members of which undertake to contribute to the assets of the company in the event of its being put into liquidation, in an amount specified in the company’s articles” The company articles were drafted and discussed at Faculty Board meetings and the Articles were approved at the 474th Council meeting held on July10th2013. Company objects were published in the Daily News on July 31st 2013. These articles were approved at the 878th UGC commission meeting held on August 08th2013.The company was registered on September 26th 2013. The public notice of incorporation was published in the Daily News, Dinamina & Thinakaran newspapers on October 11th 2013 and the same information was published in Government gazette on October 25th 2013.