Dissolution of University

(1) The Government, after due consideration, may dissolve the University in such manner as may be prescribed: Provided that the dissolution of the University shall have effect only after the last batches of students of the regular courses have completed their courses and they have been awarded degrees, diplomas or awards, as the case may be: Provided further that the Government may continue the functioning of the University by appointing an administrator in place of the Sponsoring body entrusted with powers and functions as per sub-section (3) of section 41. (2) On dissolution of the University all the assets and liabilities of the University shall vest in the sponsoring body in the manner as may be prescribed: Provided that funds assigned by the Government to the University shall be resumed to the Government.