Austral University of Chile (Spanish: Universidad Austral de Chile or UACh) is a research university in Chile based in Valdivia although it has some institutions and careers in Puerto Montt. Founded by decree on 7 September 1954 it is one of the eight original Chilean Traditional Universities. Juridically it is a nonprofit self-owned corporation under private law and is significantly state-financed. The history of UACh dates back to 1942 when a society called Sociedad de Amigos del Arte was formed in the city of Valdivia to promote culture. One of the society's main goals was the establishment of a university in the city. The idea of creating a university was presented to the national congress in the 1950s by the senator for Valdivia, Carlos Acharán Pérez de Arce, who later succeeded in consolidating the project. In a meeting held on 16 February 1954 supporters of installing a university created a directory and proclaimed Eduardo Morales Miranda as president of it. The initial founding depended on donations from private persons including some industrial businessmen. After have been founded by decree on 7 September 1954 the university was inaugurated on 12 March 1955 by president Carlos Ibáñez del Campo.