(1) If at any time it appears to the State Government that the purpose for which the management of Institute had been taken over have been fulfilled or that for any other reason it is not necessary that the management of Institute should remain vested in the State Government, it may, notwithstanding anything contained in sub-section (1) of Section 3, by order published in die Gazette, relinquish the management of the Institute with effect from such date as may be specified in the order. All liabilities of the State Government in relation to the Institute shall cease on such date.
(2) On and from the date specified in the order made under sub-section (1) the management of the property of the Society forming part of, or relatable to, Institute shall vest in the Governing Body (by whatever name called; of the Society and such management shall be carried on in accordance with the provisions of the Madhya Pradesh Society Registrikaran Adhiniyam, 1977 (No. 44 of 1973) so however that the steps, if any, in relation to the management of the property of the Society forming part of, or relatable to, Institute, may be taken after issue of the order made under subsection (1).