Section 40 in Guru Angad Dev Veterinary and Animal Sciences University Act, 2005
40. Division of assets and liabilities.
(1)On the commencement of this Act, the assets and liabilities of the existing University, relating to veterinary, animal sciences and fisheries, shall stand transferred to, and shall vest in, the University in accordance with the following principles, namely :-(a)any asset of existing University, which immediately before the commencement of this Act, is related to veterinary and animal sciences, fisheries and Small Animal Colony, including agricultural land used for fodder or feed production, dairy and poultry farms, fisheries and every right to such property, shall stand transferred to, and shall vest in the University;(b)the land of the experimental area of existing University, adjoining the Immunology (Tick Borne Diseases) Building shall stand transferred to the University;(c)any asset of existing University relating to Non-Resident Indian Students fee, revolving funds under the veterinary, animal sciences, fisheries and Small Animal Colony and every right to such property, shall stand transferred to, and shall vest in the University; and(d)all teaching, research and extension schemes relating to veterinary, animal and fishery sciences in existing University shall stand transferred along with incumbents, budget and assets to the University.(2)The liability existing on the assets of the existing University on the commencement of this Act, shall be shared between existing University and the University in proportion to the assets, shared by both the Universities.(3)Every other liability of the existing University relating to veterinary, animal sciences and fisheries, if subsisting on such commencement, shall be the liability of the University.(4)The cash balance whether in the form of cash, bank or security deposits and reserve funds, held by existing University, immediately before the commencement of this Act, shall, after deducting all the liabilities of existing University up to such commencement, be apportioned between existing University and the University in the ratio of seventy : thirty.(5)The contracts made before the commencement of this Act, shall be deemed to have been made by the concerned universities to which the subject matter or assets, involved in the contract, has been shared after such commencement.(6)Every share, debenture, bond and other investment made by existing University, shall be valued on the basis of average market value thereof, gained during one year immediately before the commencement of this Act, and the value so determined, shall be apportioned between existing University and the University in the ratio of seventy : thirty.(7)Every borrowing made by existing University before the commencement of this Act, shall, if the liability is subsisting on such commencement, be repaid together with the interest accrued thereon by existing University.(8)The provident fund, pension fund, death-cum-retirement gratuity, ex gratia grant and other benefits and accruals thereto of every office or other employee of existing University, shall stand transferred to the University, to which he has been allocated and posted on the date of the commencement of this Act.Explanation. - For the purposes of this section, "asset" shall be deemed to include all property movable and immovable, rights, powers, authorities and privileges, and all other rights and interests arising out of such property, as were immediately before the commencement of this Act, in the ownership, possession, power or control of existing University, and all books of accounts, registers, records and all other documents of whatever nature relating thereto, shall also be deemed to include all obligations of whatever kind then subsisting, of existing University.
