(1) The management of every aided school shall furnish to the appropriate authority annually, a statement containing a list of school property together with such particulars as may be prescribed.
(2) Notwithstanding anything contained in any other law for the time being in force, no transfer, mortgage or lease of any movable or immovable property of an aided school, not being the property specified in the rules, shall be made except with the previous permission of the appropriate authority:
Provided that where the appropriate authority omits or fails to dispose of the application for such permission within ninety days from the date of receipt of the application in this behalf, the permission shall, on the expiry of the said period of ninety days, be deemed to have been granted.
(3) Any person aggrieved by the grant or refusal of permission under sub-section (2) may prefer, in such form and within such time, as may be prescribed, appeal to the prescribed authority against such grant or refusal of permission and decision of the prescribed authority thereon shall be final.
(4) Any transaction made in contravention of the provisions of sub-sections (2) and (3) shall be void.
CHAPTER IV TERMS AND CONDITIONS OF SERVICE OF EMPLOYEE OF AIDED SCHOOLS AND TAKING OVER THE MANAGEMENT THEREOF