Section 4. Properties of the University and its application

(1) The Sponsoring Society shall, from time to time, transfer movable and immovable properties to the University in accordance with relevant law for carrying out the purposes of this Act. (2) The movable and immovable properties transferred under sub-section (1) shall be used and administered by the Governing Board in such manner as may be provided by the Statute. (3) The movable and immovable properties transferred under sub-section (1) shall be applied for meeting the liabilities of the University in the event of dissolution or winding up of the University in such manner as may be prescribed.