Dissolution of University

(1) The Sponsoring Body may dissolve the University by giving notice to that effect in the prescribed manner to the Government and the employees and the students of the University atleast one year in advance: Provided that dissolution of the University shall take effect only after the last batches of students of the regular courses who have been admitted before issuance of notice 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, except the land leased out by the State Government which shall be resumed by the Government.