Dissolution of the University by the sponsoring body.

(1) The sponsoring body may dissolve the University by giving a notice to this effect to the Government, the employees and the students of the University at least one year in advance: Provided that 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. (2) On the dissolution of the University all the assets and liabilities of the University shall vest in the sponsoring body: Provided that in case the sponsoring body dissolves the University before fifty years of its establishment, all the assets of the University including assets of the sponsoring body pertaining to the University shall vest in the Government free from all encumbrances.