Dissolution of the University by the Sponsoring Body.

(1) The Sponsoring Body may dissolve the University by giving a notice to the effect in the prescribed manner to the State Government and the employees and the students of University at least one year in advance: Provided that dissolution of the University shall have effect only after the approval of the State Government and 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.