Subject to the provisions of this Act, every person employed by the Cotton Textiles Fund Committee constituted under section 5 of the Cotton Textiles Fund Ordinance, 1944 (34 of 1944), immediately before the date of establishment of the Committee shall on and from such date, become an employee of the Committee with such designation as the Committee may determine and shall hold his office or service therein by the same tenure, at the same remuneration and upon the same terms and conditions as he would have held on such date if the Committee had not been established and shall continue to do so unless and until his employment in the committee is terminated or until such tenure, remuneration and terms and conditions are duly altered by the Committee:
     Provided that the tenure, remuneration and terms and conditions of service of any such person shall not be altered to his disadvantage without the previous approval of the Central Government.