(1) Notwithstanding anything contained in any law for the time being in force, no transfer by way of sale, mortgage, charge or otherwise of any right or interest-in-or possession of any immovable property of an aided institution shall be made except after making an application in the prescribed manner to the Director of Education or an officer authorised by him in this behalf and obtaining prior approval in writing:
Provided that where the application is not disposed off within six months from the date of its making, such approval shall be deemed to have been granted.
(2) Any transfer made in contravention of sub-section (1) shall be void.
(3) If the Secretary of the Managing Committee of an aided institution commits default in furnishing the statement under section 12 or furnishes a statement which is false or incorrect in any material particular or acts in contravention of sub-section (1), the sanctioning authority may, after giving an opportunity of showing cause, withhold, stop or suspend aid to such institution.
(4) In the event of an aided institution being closed or discontinued or its recognition being withdrawn, the Secretary of its managing committee shall handover to the officer authorised by the Director of Education in this behalf all the records, accounts and the management and possession of properties of the institution.
Provided that where the application is not disposed off within six months from the date of its making, such approval shall be deemed to have been granted.
(2) Any transfer made in contravention of sub-section (1) shall be void.
(3) If the Secretary of the Managing Committee of an aided institution commits default in furnishing the statement under section 12 or furnishes a statement which is false or incorrect in any material particular or acts in contravention of sub-section (1), the sanctioning authority may, after giving an opportunity of showing cause, withhold, stop or suspend aid to such institution.
(4) In the event of an aided institution being closed or discontinued or its recognition being withdrawn, the Secretary of its managing committee shall handover to the officer authorised by the Director of Education in this behalf all the records, accounts and the management and possession of properties of the institution.