5General effect of vesting

(1) The right, title and interest vested in the Central Government under section 4 shall be deemed to include all the assets, rights, leaseholds, powers, authorities, licences and privileges; all property (movable and immovable) including lands and buildings; musical instruments; equipments used in teaching, training and staging of performing arts; tools and facilities used in arts and crafts; costumes and decorative items; books; stationery, furniture and other equipments used in libraries and laboratories; works of art and artefacts; stores, automobiles and other vehicles; workshops; cash balances, funds including reserve funds, investments and all other rights and interests arising out of such assets and properties as were immediately before the commencement of this Act in the possession ownership, power or control of the Board of Trustees or any other body, in whatever capacity, and all books of account, registers, maps, plans and all other documents of whatever nature relating thereto.

(2) All assets and properties as aforesaid which have vested in the Central Government under section 4 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting them or of any attachment, injunction, decree or order of any court or other authority restricting the use of such assets or properties in any manner, or appointing any receiver in respect of the whole or any part of such assets and properties shall be deemed to have been withdrawn.

(3) Any licence, permission, authority, concession, facility, privilege, affiliation or any other instrument of similar nature granted to the Board of Trustees or any other body, in whatever capacity, in relation to the assets and properties of Kalakshetra or any of its constituent units which has vested in the Central Government under section 4, at any time before the commencement of this Act and in force immediately before such commencement, shall continue to be in force on and after such commencement in accordance with its tenor in relation to, and for purposes of, such assets and properties, or where the direction under section 6 has been issued, the Foundation shall be deemed to be substituted in such licence, permission, authority, concession, facility, privilege affiliation or other instrument, as if it had been granted to the Foundation and the Foundation shall hold it for the remainder of the period for which the Board of Trustees or any other body, in whatever capacity, would have held it under the terms thereof.

(4) If, on the commencement of this Act, any suit, appeal or other proceeding of whatever nature in relation to any assets or properties which have vested in the Central Government under section 4, instituted or preferred by the Board of Trustees is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of such transfer and vesting, or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced, by the Central Government or where the right, title and interest in relation to such assets and properties are directed under section 6 to vest in the Foundation, by the Foundation.