section 26
Expenditure of University on Dissolution
The Chhattisgarh Private Universities (Establishment and Operation) (Amendment) ActEducation200537 of 39 sections available
Statutory text
- (1) In the event of the dissolution of the University, the assets of the University and the endowments shall be used for discharging the liabilities of the University. (2) After satisfying all the liabilities, the remaining assets shall be disposed in such manner as may be prescribed. (3) The sponsoring body may utilize the remaining assets, if any, for any other educational purpose. (4) The Regulatory Commission shall ensure that the interest of the students is protected. (5) The Regulatory Commission may suggest the mode of transfer of students to other universities in the state. (6) The Regulatory Commission shall have the power to examine the assets and liabilities of the University. (7) The sponsoring body shall be responsible for the payment of all liabilities of the University. (8) The Regulatory Commission shall be empowered to recover the dues from the sponsoring body or from its assets. (9) Any dispute relating to the dissolution of the University shall be settled by the State Government. (10) The State Government shall be the final authority in settling the disputes. (11) The University shall, before dissolution, return the excess fees to the students. (12) The State Government shall have the power to take over the assets and liabilities under the Law. (13) If the Sponsoring Body is not in a position to manage the University, the State Government can take over the management of the University. (14) The State Government shall appoint an administrator for the management of the University. (15) The administrator shall manage the University for a period not exceeding two years.
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