Property of the University

(a) The University may acquire take over and accept by way of assignment or otherwise from [the Punjab University in Pakistan], monies, stocks funds securities and other property, moveable and immoveable of every description including actionable claims and choses in action of and belonging to [the Punjab University in Pakistan] hitherto managed and controlled by the same or held in trust for or for the use of the same, and may give any trustee in whom such stocks, funds, securities and other property may be vested, a valid receipt discharge and indemnity for and in respect of the transfer or handing over the same to the University established by this Act. (b) The University may receive and accept donations, endowments and gifts of money, land, buildings, stocks, funds, shares, securities and other property whatsoever moveable and immoveable and either subject or not subject to any special trusts or conditions. (c) All property moveable or immoveable of whatever description granted or transferred to it by any Government, person or institution or otherwise acquired or held by it shall vest in and be the property of the University and shall be administered by it for the purposes of the University subject to any trust as to the manner in which and the purposes for which that property or any part thereof is to be applied.