4. Properties of the University and its application.
(1)The Sponsoring trust shall transfer movable and immovable properties described under Schedule-B to the University and all such properties shall be deemed to be so transferred and vested absolutely to the University with effect from the date of coming into force of this Act.(2)The properties, movable or immovable, as transferred by the Sponsoring trust 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 transferred in the name of 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.
