(1) The sponsoring body may dissolve the University by giving a notice to this effect to the Government, the employees and the students of the University at least one year in advance:
1 Ins. vide Act No. 18 of 2012.
2Subs for the word “Government”.vide Act No. 18 of 2012.
3Subs for the word “Government”.vide Act No. 18 of 2012.
4 Ins. vide Act No. 18 of 2012.
5The words and sign “after consultation with the Vice-Chancellor,” deleted vide Act No. 11 of 2011.
6 Ins. vide Act No. 18 of 2012.
7 Ins. vide Act No. 18 of 2012.
Provided that dissolution of the University shall have effect only after the last batches of students of the regular courses have completed their courses and they have been awarded degrees, diplomas or awards, as the case may be.
(2) On the dissolution of the University all the assets and liabilities of the University shall vest in the sponsoring body :
Provided that in case the sponsoring body dissolves the University before1[fifty years] of its establishment all the assets of the University 2[including assets of thesponsoring body pertaining to the University] shall vest in the Government free from all encumbrances.