Dissolution of University

(1) The Board of Governors, with consent from the sponsors, may recommend to'the Government to dissolve the University by giving a notice to this effect in the manner as may be prescribed to the employees and the students of the University at least one year in advance : (a) Provided that dissolution of the University shall have effect' only after the last batch of the students of the regular courses have completed their courses and have been awarded degrees, diplomas or awards, as the case may be; and (b) furlher provided that such dissolution of the university shall not have any adverse effect on the validity of degrees, diplomas or awards conferred on the students. (2) On identification of mismanagement, mal-administration and indiscipline, the Government shall issue directions to the management of the University to set right the administration. lf the direction is not followed within such time as may be prescribed, the right to take decision for winding up of the University shall vest with the Government. (3) On the dissolution of the university, all the assets and liabilities of the University shall vest in the sponsoring body. (4) On receipt of the notice as per clause 1 of section 48, the Government shall, in consultation with the relevant Regulatory Authority make such arrangements for administration of the" University from the proposed date of dissolution of the University and until the last batch of students in regular courses of studies of the University complete their courses of studies in such manner as may be specified by the regulations,