Compensation payable

35. The compensation payable by the University to the University of Madras in respect of the properties, assets and rights belonging to the University of Madras and vested in the University under sub-section (2) of section 33 shall be such, as may be agreed upon between the University and the University of Madras: Provided that where no such agreement is reached within the period of three years from the appointed day, the Government may, after giving an opportunity to the University of Madras and the University for making their representations in that behalf, determine the compensation payable to the University of Madras and the compensation so determined shall be final and binding on the University of Madras and the University.