Section 51. Winding up of the University

(1) The Sponsoring Society may recommend to the State Government to dissolve the University by giving notice to the employees and students of the University at least one year in advance in such manner as may be prescribed; Provided that the Sponsoring Society shall not be permitted to serve notice for winding up within the period of ten years from the date of its commencement. (2) The dissolution of the University shall take effect only after the last batch of the students of the regular courses have completed their courses and have been awarded degrees, diplomas or awards, as the case maybe. (3) On service of notice under sub-section (1), the State Government shall appoint an Administrator by replacing the Governing Board for the purpose of running the University till it is completely dissolved. (4) The properties of the University including its funds on date of such notice referred under sub-section (1) shall be used for meeting the liabilities of the University by the Administrator until the University is dissolved. (5) The balance properties of the University including its funds after meeting all its liabilities shall be re-vested to the Sponsoring Society after the University is fully dissolved.