Assumption of financial control by the State Government as emergency measure.

If the State Government is satisfied that, owing to mal-administration or financial mismanagement in the University, a situation has arisen whereby financial stability of the University has become insecure, it may, by notification, declare that the finance of the University shall be subject to the control of the State Government and issue such other directions, as it may deem fit for the purpose and the same shall be binding on the University.