Amendment status not verified — confirm the current text below against the official source.
(1) The movable and immovable properties of the Sponsoring trust as described under Schedule-B shall be deemed to have been transferred and vested absolutely to the University with effect from the date of coming into force of this Act. (2) The properties, movable or immovable, so transferred to the University shall be used and administered by the Governing Board in such manner as may be provided for by the Regulations. (3) The properties transferred and vested in the name of the University under sub-section (1) shall be applied for meeting the liabilities of the University in the event of dissolution or winding up of the University in such manner as may be prescribed by rules.