(1) Subject to the provisions of this Act, every person employed immediately before the commencement of this Act by the North-Eastern Hill University in the State of Nagaland shall be given an option, to be exercised in such manner and within such time as may be prescribed by the Statutes, to join the University on the same terms and conditions and to the same rights and privileges as to pension, gratuity, provident fund and other matters, as he would have had under the North-Eastern Hill University Act, 1973 (24 of 1973).
     (2) The option once exercised by the person under sub-section (1) shall be final.