Payment of amount to the educational institutions

(1) For the transfer to and vesting in the State Government under Section 3 of the right title and interest of the educational institutions, there shall be paid by the State Government an aggregate amount not exceeding Rs. 60,000 as may be determined by the State Government to the owner or group of owners or authority of each educational institution: Provided that in determining the amount under this sub-section the properties whether movable or immovable, acquired by the educational institution, either by way of gift or with the help of donations from any person, institution or authority shall be excluded. (2) Whether any owner, group of owners or authority received grants from the Government for acquiring assets both movable and immovable of any educational institution then— (a) where the amount of grant is equal to or in excess of the amount determined by the State Government under sub-section (1), such owner group of owners or authority shall not be entitled to any compensation under that sub-section; (b) where the amount of grant is less than the amount determined under sub-section (1), such owner group of owners or authority shall be entitled to an amount which falls short of the amount determined under sub-section (1).