Amendment status not verified — confirm the current text below against the official source.
General effect of vesting— (1) The educational institutions referred to in Section 3 shall be deemed to include all assets, rights, powers authorities and privileges and all properties, movable and immovable cash balance, reserve funds, books debts, investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day, in the ownership possession power or control of the educational institutions, and all books of accounts, registers records and all other documents of whatever nature relating thereto „and shall be deemed to include all borrowings, liabilities (including the liability for the payment of any pension and other pensioner benefits to the persons employed to such educational institutions) and obligations of whatever kind than subsisting of the educational institutions. (2) Unless otherwise expressly provided by this Act, all deeds bonds, agreements power of attorney grant of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day, and to which any educational institution is a party or which any educational institution shall be of fuel force and effect against or in favour of the State Government had been a party thereto or as if they had been issued in favour of the State Government. (3) If on the appointed day, any suit appeal or other proceeding of whatever nature in relation to any of the educational institution which have been transferred to, and vested in the State Government under Section 3 is pending by or against any educational institution, the same shall not abate or be discontinued or be in any way prejudiced or be affected by reason of the transfer of the educational institution or of anything contained in this Act, but the suit, appeal or other proceedings may be continued, prosecuted and enforced by or against the State Government.