(1)The Governing Board in consultation with the Sponsoring trust and the Visitor may recommend to the State Government to dissolve the University by giving notice to this effect in such manner as may be prescribed by the State Government in this behalf, to the employees and students of the University at least one year in advance:Provided that the University shall not be permitted to serve notice for winding up within a period of ten years from the date of coming into effect of this Act.(2)The State Government on receiving the notice referred to under sub-section (i) shall appoint an Administrator by replacing the Governing Board and the Chancellor and the Administrator thereafter shall act as the supreme authority during the process of winding up.(3)The properties of the University as well as the Endowment Fund of the University shall be used by the Administrator during the process of winding up in such manner as may be prescribed.(4)The dissolution of the University shall have effect only after the last batch of the students of the regular courses have completed their courses and have been awarded degrees, diplomas or awards, as the case may be and also after total clearance of bank liabilities, loan etc.
