Transfer of colleges or institutions

(2) On and from the date so specified under sub-section (1), (i) the control and management of the colleges or institutions or Departments notified under sub-section (1); and (ii) all the properties, assets and liabilities and rights and obligations of the respective Universities in relation to the said colleges, institutions or Departments including all obligations of the Government in relation thereto, shall stand transferred to, and vest in or devolve upon, the University. (3) The compensation payable by the University to the other Universities in respect of the properties, assets and rights belonging to the other Universities transferred to, or vested in, the University under sub-section (2) in relation to any college or institution or Department to which the provisions of this Act are applied under sub-section (1) shall be Such as may be agreed upon between the respective other Universities and the University : Provided that where no such agreement is reached within a period of one year from the date specified under sub-section (1), the Government may, after giving an opportunity to the other Universities concerned and the University for making their representations in this behalf, determine the compensation payable to such other Universities and the compensation so determined shall be final and binding on such other Universities and the University.