Expenditure of the University during dissolution

(1) The expenditure of administration of the University during the taking over period of its management under sub- section (3) of section 55 shall be met out of the Permanent Statutory Endowment Fund, the General Fund, or the Development Fund.

1. (2) If the fund referred to in sections 47, 48, 49 and 50 are not sufficient to meet the expenditure of the University during the take-over period of its management, such expenditure may be met by disposing off the properties or assets of the University, by the Government.
2. (3) Where the dissolution of the University is due to mismanagement or mal- administration, the Government is at liberty to identify the persons responsible for such mismanagement or mal-administration and to impose penalty as it deems fit.