(1) Every officer or other employee of the company, except the Chairman and Directors, serving in its employment immediately before the disinvestment of the company under this Act, shall continue in office or service after such disinvestment, on same terms and conditions as would have been admissible to him if there had been no such disinvestment and shall continue to do so until the expiry of the period of three years from the date of disinvestments.
    (2) Where an officer or other employee of the company opts under sub-section (1) not to be in the employment or service of the company, such officer or other employee shall be deemed to have resigned.