Section 3(2) in The Bihar Non-Government Educational Institution (Taking Over) Act, 1988
(2)All assets and properties of the institution, Governing Body/Managing Committee/Association, whether movable or immovable including lands, buildings, laboratories, workshops, stores, libraries, instruments, machinery, vehicles, cash, balance, reserve fund, investment, furniture and fixures and others shall on the date of taking over stand transferred to and vested in the State Government free from all encumbrances.
