(1) Notwithstanding anything in any law for the time being in force, no sale, mortgage, lease, pledge, charge or transfer of possession in respect of any property of a private educational institution shall be made or created except with the previous permission in writing of the competent authority on an application made in this behalf.
(2) (a) No permission applied for under sub-section (1) shall be refused by the competent authority except where the grant of such permission will in its opinion, adversely affect the working of the institution.
(b) The competent authority shall pass an order, either granting or refusing permission applied for, within a period of sixty days from the date of receipt of the application.
(3) Any person aggrieved by an order refusing permission under subsection (2) may, in such manner and within such time, as may be prescribed, appeal to the prescribed authority.
(4) Any transaction made in contravention of sub-section (1) shall be null and void.