Restriction on alienation of property of private college

(1) Notwithstanding anything contained in any other law for the time being in force or in any deed, document or instrument having effect by virtue of such other law— (a) no property of a private college shall, except with the previous permission in writing of the competent authority, be transferred by way of sale, exchange, mortgage, charge, pledge, lease, gift or in any other manner whatsoever; and (b) if any such property is transferred without such permission, the transfer shall be null and void. (2) The competent authority may— (a) grant the permission under clause (a) of sub-section (1) if the transfer is made in furtherance of the purposes of the private college or of similar purposes approved by the competent authority; and the assets resulting from the transfer are to be wholly utilised in furtherance of the said purposes; and (b) when granting such permission, impose such conditions as it deems fit to ensure that such assets are wholly utilised in furtherance of such purposes; but a contravention of any such condition shall not invalidate the transfer: Provided that the permission shall not be refused under this section unless the applicant has been given an opportunity of making his representations. Explanation I.—For the purposes of this section, "property" means any— (a) movable property of not less than such value as may be prescribed; and (b) such immovable property as may be specified in the rules made in this behalf. Explanation II.—In this section and sections 28 and 29, "private college" does not include a minority college.