Maintenance/ Utilization of Security Dejtosita-- — The Neotia University Act, 2014

14. Maintenance/ Utilization of Security Dejtosita-- U There shall be pledged a security deposit of Rs. 1.00 crone in Form-B appended to the Schedule to these rules by the University. (2) The Deed of Pledge shall be executed in favor of the State Government along with a Bank Guarantee. (3i Tito Deed of Pledge shall be executed by the Chancellor ot' the University heirig authorized by the .tonsoring trust and to be registered before the appropriate Registering authority. (4) An Officer of the State Government not below the rank clan Assistant Secretary to the Government of West Bengal will be authorized to execute the Deed of Pledge on behalf of the State Government. The State Govern net may at any point of time. upon satisfaction to that effect that the provisions of the Act are violated by the University. may lorfeit the security deposit through the Bank Guarantee lion shod in this behalf. (()) The University shall bc given an opportunity of being heard before forfeiting the security deposit. I . Procedure during dissolution or winding up of the University:— ( 1 ) Notice of dissolution of the t.iniversity shall be given to the State Government at least one year in advance, (2) The notice of dissolution shall be accompanied by at resolution of the. Governing Board along with a resolution of the sponsoring trust. (3) On receipt of notice of \Nindirw up the State Uovernnient shall appoint an Administratorwhich shall replace the Governing Board of the University and also the Chancellor of the Uni .versity. (.4) The outgoing (iU\ CJII11O Board shall however provide all assistance to the Administrator along with full details on the working of the 'University. (5) The property of whatever kind owned or possessed by the University shall be used by the Administrator during the dissolution proces of The University.

Section 14