section 59
Winding up of University
The Sikkim Private Universities (Establishment and Regulation) Act, 2025Education202574 sections11 chapters
Chapter XI INSPECTION, DISSOLUTION AND WINDING UP OF PRIVATE UNIVERITY
Statutory text
- (1) If the Sponsoring Body proposes to wind up the University according to the provisions of law, governing its constitution or incorporation; it shall record reasons thereof and give at least 5(five) years prior notice to the State Government.
- (2) Notwithstanding, anything contained in the provisions of this Act, where the Sponsoring Body intends to wind up the University, the winding up process there under shall be as follows: -
- (a) resolution to be passed by the Sponsoring Body that it intends to wind up and halt operations of the University; and
- (b) after the passage of the resolution as described in clause (a), a notice shall thereafter be issued by the Sponsoring Body to the Government 5
- (five) years prior to cessation of operations; and
- (c) the Sponsoring Body shall halt intake of fresh admissions, upon passage of resolution under clause
- (a) and issuance of notice under clause (b); and
- (d) pursuant to the Sponsoring Body/University completing the syllabus of the last batch of students admitted in the University, the State Government shall thereafter make arrangements as may be necessary, for taking over the administration of the University for the purposes of completing the winding up process: Provided that, upon taking over of administration from the Sponsoring Body in the manner as provided for under clause (d), the State Government may appoint an administrator in place of the Sponsoring Body, who shall be entrusted with the powers, duties and functions of the Sponsoring Body, as prescribed under the Act.
- (3) Subject to the laws prevalent in the State of Sikkim, where upon the winding up of the University, there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall vest upon the Sponsoring Body: Provided that in the event of winding up of the University there remains any debts or liabilities exceeding the valuation of the movable and immovable properties of the University, the said outstanding debts and liabilities shall vest upon the Sponsoring Body.
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