(1) On and from the commencement of this act, the management of every aided school shall furnish to the appropriate authority annually, a statement containing a list of school property together with such particulars as may be prescribed.
(2) Without prejudice to the generally of the provisions contained in any other law for the time being in force, no transfer, mortgage or lease of any movable or immovable property of an aided school, not being the property specified in the rules, shall be made except with the previous permission of the appropriate authority:
Provided that such movable or immovable property was acquired, constructed or development with financial assistance received from the Government:
Provided further that where the appropriate authority omits or fails to dispose of the application for such permission within sixty days from the date of receipt of the application in this behalf, the permission shall, on the expiry of the said period of sixty days, be deemed to have been granted.
(3) Any person aggrieved by the grant or refusal of permission under sub-section (2) may prefer, in such form and within such time as may be prescribed, appeal to the prescribed authority against such grant or refusal of permission and the decision of the said authority shall be final.
(4) Any transaction made in contravention of the provisions of sub-section (2) shall be void.