On and from the commencement of this Act,—
         (a) any reference to any existing School in any contract or other instrument shall be deemed as a reference to the corresponding School;
         (b) all properties, movable and immovable, of or belonging to every existing School shall vest in the corresponding School mentioned under column (5) of the Schedule;
         (c) all the rights, debts and other liabilities of every existing School shall be transferred to, and be the rights and liabilities of, the corresponding School;
         (d) every person employed by every existing School shall hold his office or service in the corresponding School 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 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 School 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 School, 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 School 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 School;
         (e) every person pursuing, before the commencement of this Act, any academic or research course in every existing School, shall be deemed to have migrated and registered with the corresponding School on such commencement at the same level of study in the School from which such person migrated;
         (f) all suits and other legal proceedings instituted or which could have been instituted by or against an existing School, immediately before the commencement of this Act shall be continued or instituted by or against the corresponding School.