Amendment status not verified — confirm the current text below against the official source.
Expenditure of the University during dissolution.- (1) The expenditure of administration of the University during the taking over period of its management under sub-section (4) of section 54 shall be met out of the Permanent Statutory Endowment Fund, the General Fund or the Development Fund. (2) If the fund referred to in section 46, 47, 48 and 49 are not sufficient to meet the expenditure of the University during the taking over period of its management, such expenditure may be met by disposing of the properties or asset of the University, by the Government. (3) Where the dissolution of the University is due to mis-management or mal administration, the Government is at liberty to identify the persons responsible for such mis-management or mal- administration and to impose penalty as it deems fit.