(1) Where before or after the commencement of this Act,-
(a) any land or building has been acquired, constructed, improved or altered for the purposes of any educational institution with the aid of any grant made from the State funds;
(b) any land or building has been transferred by the Government for use for the purposes of any educational institution, then notwithstanding anything to the contrary in any other law for the time being in force or in any deed of transfer or other document relating to the land or building, it shall not be transferred without the permission of the State Government under sub-section (2) nor shall the land or building be used for any purpose other than the purposes of the educational institution or purposes ancillary thereto without the permission of the State Government.
(2) The State Government may, by order in writing permit the transfer of any such land or building, subject to such conditions as it may impose, if,-
(a) the transfer is made in furtherance of the purposes of the educational institutions or of ancillary purposes approved by the State Government and the proceeds of such transfer are to be wholly utilised in furtherance of the said purposes;
(b) the transfer is made only in part in furtherance of the purposes aforesaid, provided repayment is made to the State Government 42 of such portion as the State government may direct in the circumstances of the case, of the grant referred to in clause (a) of sub-section (1) or of the current market value of the land or building referred to in clause (b) of sub-section (1) or of both, as the case may be;
(c) the transfer is made for any other valid reason provided repayment is made to the State Government in full of the grant referred to in clause (a) of sub-section (1) or of the current market value of the land or building referred to in clause (b) of sub-section (1) or of both, as the case may be.
(3) Any transfer of land or building made without obtaining the permission of the Government under sub-section (2), shall be null and void.