(a)The University may acquire, take over and accept, by way of assignment or otherwise, from the Panjab University, monies, stocks, funds, securities and other property, movable and immovable of every description including actionable claims and chooses in action of and belonging to the Panjab University hitherto managed and controlled by the same or held in trust for or for the use of the same, and may give any trustee in whom such stocks, funds, securities and other property may be vested, a valid receipt discharge and indemnity for and in respect of the transfer or handing over the same to the University established by this Act.
