Amendment status not verified — confirm the current text below against the official source.
(1) On and from the appointed date,- (a) any reference to the Society in any law, other than this Act, or in any contract or other instrument, shall be deemed as a reference to the Institute; (b) all property, movable and immovable, of or belonging to the Society shall vest in the Institute; (c) all the rights and liabilities of the Society shall be transferred to, and be the rights and liabilities of the Institute; (d) every person employed by the Society, immediately' before such appointed date shall hold his office or service in the Institute for the same tenure, at the same remuneration and upon the same terms arid conditions and with the same rights and privileges as to leave, gratuity, provident fund and other matters as he would have held if this Act had not been commenced, 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 contract with the employee or, if no provision is made therein in this behalf, on payment to him Establishment and incorporation of Institute. Effect of establishment of the Institute. 4 by the Institute of compensation equivalent to three months’ remuneration in the case of permanent employee and one month's remuneration in the case of other employees. Explanation:- For the purpose of this section, the expression "appointed date", means the date appointed under sub-section (I) of section 3. (2) Not withstanding any thing contained in the Biju Patnaik University of Technology Act, 2002 and the statutes made thereunder,- (a) The Society shall, with effect from the appointed date, cease to be affiliated from the Biju Patanaik University of Technology and shall stand transferred to the Institute; (b) every student, continuing study under the Society immediately before the appointed date and registered with the Biju Patnaik University of Technology, shall have a power to exercise option either to continue his registration with Biju Patnaik University of Technology constituted under the Biju Patnaik University of Technology Act, 2002 or to be registered under this Institute; (c) the result published and the Grade Sheet provided by the Biju Patnaik University of Technology for all the examinations conducted by it immediately before the appointed date for the students who opted to be registered under the Institute shall be deemed to have been accepted by the Institute and for such students, the Institute shall conduct the examinations for remaining semesters following the syllabus, regulations and grading pattern of the Biju Patnaik University of Technology as applicable to their batch and the Institute shall award degree to such students upon successful completion of the courses.