Prohibition of transfer of property of aided institutions

(1) If (a) any land or building has been acquired with the aid of a grant made by the Government; or (b) any land or building has been transferred by the Government for use for the purposes of any institution, then, notwithstanding anything to the contrary in any other law for the time being in force or in the deed of transfer or other document relating to the land or building, it shall not be transferred without the permission of the Government under sub-section (2) ; nor shall the land or building be used except for the purposes of the institution or purposes similar thereto or be kept vacant without being used for any purpose, without the permission of the Government. (2) The Government may, in their discretion, by order, permit the transfer of any such land or building if- (i) the transfer is made in furtherance of the purposes of the institution or of similar purposes approved by the Government, and the assets resulting from the transfer are to be wholly utilized in furtherance of the said purposes ; (ii) the transfer is made for the purpose of repaying in full any grant referred to in sub-section (1), clause (a), or of the current market value of the land or building referred to in sub-section (1), clause (b), or of both, as the case may be ; (iii) the transfer is made for any other valid reason, provided repayment is made to the Government in full of the grant referred to in sub-section (1), clause (a), or of the current market value of the land or building referred to in sub-section (1), clause (b), or of both, as the case may be. Explanation.-When granting permission under clause (i) or (ii) for the transfer of any land or building, the Government may impose such conditions as they deem fit to ensure that the assets resulting from the transfer are utilized wholly or in part, as the case may be, in furtherance of the purposes referred to in those clauses ; but a contravention of any such condition imposed on the transferor shall not invalidate the transfer. (3) If any such land or building is transferred without such permission, the transfer shall be null and void.