Dissolution

Dissolution 58.

1. (1) If a resolution by the highest decision making body of the Trust passed for the dissolution of the University or a Bill for repeal of this Act is passed by the Nagaland Legislative Assembly and assented to by the Governor of Nagaland for gross inability of the University to carry out its functions in accordance with this Act and regulations made thereunder, the University shall stand dissolved within one year of the passing of the resolution or the Act. Provided that any such resolution passed by the Trust may be rescinded by it before the expiry of one year from the date of passing of the original resolution.
2. (2) The dissolution shall not affect the pursuit of courses by students but no further enrolment of students shall take place from the date of passing of the resolution or Act and if for any reason, such continued pursuit of courses by students is not possible, the Trust shall take necessary steps for transferring the studies of students to other institutions, organizations or Universities., in consolation with UGC etc., or provide reasonable financial compensation in lieu thereof, as may be determined by the Governing Council of the University.
3. (3) The moneys in the Endowment Fund of the University shall be exclusively applied for the purposes of rehabilitating the students and others affected by the dissolution of the University.
4. (4) The State Government shall have overriding powers to monitor and ensure the implementation of the provisions in this section and, in case of any failure of the University to discharge its obligations, in this section and, in case of any failure of the assets of the University at anytime, from the obligations either by itself or by appointing an agency on its behalf.
5. (5) After all the obligations under this section have been met, the remaining funds, assets and liabilities of the University shall stand transferred to the