Section 3 in Bihar Private Medical Colleges (Taking Over) Act, 1978
3.
(1)The State Government may, by a notified order and from the date mentioned therein take over a College and r-e management and control thereof shall thereupon be exercised by the State Government in such manner as may be laid down in the said order.(2)All the assets and properties of the College and the College body whether movable or immovable including lands, buildings, workshops, stores, instruments, machinery, vehicles, cash balance, reserve fund, investments, taxes, furniture and others shall, on the date of take over, stand transferred to and vested in, and be deemed to have come into the possession of the State Government.(3)All the liabilities and obligations of the College under any agreement or contract entered into bonafide before the date of taking over shall devolve and shall be deemed to have devolved on the State Government.
