(1) After the expiry of the period specified in sub-section (1) of section 67, the management of educational institution shall vest in accordance with the order, if any, of any court and if there be no such order, vest in the Governing Council or managing committee (by whatever name called) of such educational institution or such other body or person, as the case may be, entitled thereto.
(2) If at any time before the expiry of the period referred to in sub-section
(1) of section 67, it appears to the State Government that the purpose of vesting of the management of educational institution in the State Government has been fulfilled or that for any other reason it is not necessary that the management of such educational institution should remain vested in the State Government, it may, by order published in the official gazette, relinquish the management of such educational institution with effect from such date as may be specified in the order.
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(3) On and from the date specified under sub-section (1) the management of the educational institution shall be transferred in accordance with the order, if any, of any court, and if there be no such order, shall be transferred to the Governing Council or managing committee (by whatever name called) of the educational institution or such other body or person, as the case may be, entitled thereto.]1
1. Inserted by Act 8 of 1998 w.e.f. 11.4.1998