(1) Every officer or other employee of the Commission (except a member or the chairman) serving in its employment immediately before the appointed day shall, in so far as such officer or other employee is employed in connection with the undertaking which has vested in the Corporation by virtue of this Act, become, as from the appointed day, an officer or, as the case may be, other employee of the Corporation and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions with the same obligations and with the same rights and privileges as to leave, passage, insurance, superannuation scheme, provident fund, other funds, retirement, pension, gratuity and other benefits as he would have held under the Commission if its undertaking had not vested in the Corporation and shall continue to do so as an officer or other employee of the Corporation or until the expiry of a period of one year from the appointed day if such officer or other employee opts not to be the officer or other employee of the Corporation within such period.
     (2) Where an officer or other employee of the Commission opts under sub-section (1) not to be in the employment or service of the Corporation such officer or other employee shall be deemed to have resigned.
     (3) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947) or in any other law for the time being in force, the transfer of the service of any officer or other employee of the Commission to the Corporation shall not entitle such officer or other employee to any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
     (4) The officers and other employees who have retired before the appointed day from the service of the Commission and are entitled to any benefits, rights or privileges shall be entitled to receive the same benefits, rights or privileges from the Corporation.
     (5) The trusts of the provident fund, gratuity fund or the superannuation scheme of the Commission and any other bodies created for the welfare of officers or other employees shall continue to discharge their functions in the Corporation as was being done hitherto in the Commission and any tax exemption granted to the provident fund, gratuity fund and the superannuation scheme or any other bodies created for the welfare of officers or other employees shall continue to be applied to the Corporation.
     (6) Notwithstanding anything contained in this Act or in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in the regulations of the Commission, no member or chairman of the Commission shall be entitled to any compensation against the Commission or the Corporation for the loss of office or for the premature termination of any contract of management entered into by him with the Commission.