4. Properties of the University, and its application.
(1)The movable and immovable properties held by the Sponsoring Society as described under Schedule B shall vest absolutely to the University with effect from the date of coming into force of this Act.(2)The properties, movable or immovable, as vested to the University shall be used and administered by the Governing Board in such manner as may be provided for by the Regulations.(3)The properties vested to the University 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 by rules.
