(3)The University shall be competent to acquire and hold property, both movable and immovable, to lease, sell or otherwise transfer any movable or immovable property which may have become vested in or been acquired by it for the purposes [of the University, to raise loans upon the security of its assets] [These words were substituted for the words 'of the University' by Gujarat 40 of 1963, section 2, Schedule] and to contract and to do all other things necessary for the purposes of this Act:[Provided that the power to raise loans upon the security of its assets shall be exercised after obtaining previous permission of the State Government.] [This proviso was added by Gujarat 40 of 1963, section 2, Schedule]
