(1) Notwithstanding anything to the contrary contained 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 an aided educational institution shall be crested or made except with the previous permission in writing of such officer as may be authorised by the State Government in this behalf. The officer shall grant such permission applied for unless the grant of such permission will, in his opinion, adversely affect the working of the institution.
(2) Any person aggrieved by an order of the officer refusing or granting permission under sub-section (1) may, in such manner and within such time as may be prescribed, appeal to the State Government.
(3) Any transaction made in contravention of sub-section (1) shall be null and void.
(4) If any educational agency or the managing committee or the governing body or the Secretary of an aided educational institution acts in contravention of sub-section (1) or of an order passed under sub-section (2), the State Government may withhold the grant of aid.