5Effect of incorporation of Institutes

On and from the commencement of this Act,—

(a) any reference to a Society in any contract or other instrument shall be deemed as a reference to the corresponding Institute mentioned in column (5) of the Schedule;

(b) all properties, movable and immovable, of or belonging to every existing Institute shall vest in the corresponding Institute mentioned under column (5) of the Schedule;

(c) all rights and debts and other liabilities of every existing Institute mentioned in column (3) of the Schedule shall be transferred to, and be the rights and liabilities of, the corresponding Institute mentioned in column (5) of the Schedule;

(d) every person employed by every existing Institute mentioned in column (3) of the Schedule, immediately before such commencement shall hold his office or service in the corresponding Institute mentioned in column (5) of the Schedule, with the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters as he would have held the same if this Act had not been enacted and shall continue to do so unless and until his employment is terminated or until such tenure, remuneration and terms and conditions are duly altered by the Statutes:

Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms of the contract with the employee or, if no provision is made therein in this behalf, on payment, to him by the Institute, of compensation equivalent to three months' remuneration in case of permanent employees and one month's remuneration in the case of other employees:

Provided further that any reference, by whatever form of words, to the Director, Registrar and other officers of an existing Institute mentioned in column (3) of the Schedule, in any law for the time being in force, or in any instrument or other document, shall be construed as a reference to the Director, Registrar and other officers of the corresponding Institute mentioned in column (5) of the Schedule;

(e) every person pursuing, before the commencement of this Act, any academic or research course in every existing Institute mentioned in column (3) of the Schedule, shall be deemed to have migrated and registered with the corresponding Institute mentioned in column (5) of the Schedule, on such commencement at the same level of course in the Institute from which such person migrated;

(f) all suits and other legal proceedings instituted or which could have been instituted by or against an existing Institute, mentioned in column (3) of the Schedule, immediately before the commencement of this Act shall be continued or instituted by or against the corresponding Institute mentioned in column (5) of the Schedule.