On and from the commencement of this Act,--
         (i) all references in any enactment to the Society of the name of Visva-Bharati registered on the 16th May, 1922, under the Societies Registration Act, 1860 (21 of 1860), shall be construed as references to the University;
         ¹[(ii) all property, assets, rights and liabilities of the said Society shall be the property, assets, rights and liabilities of the University and any will, deed or other document, whether made or executed before or after the commencement of this Act, which contains or purports to contain any bequest, gift, trust, payment of money or transfer or assignment of any right or property, movable or immovable, in favour of the said Society shall be construed as if the University was therein named instead of the said Society;]
         (iii) subject to the provisions of this Act, every person employed immediately before the commencement of this Act in the said Society shall hold employment in the University by the same tenure and upon the same terms and conditions and with the same rights and privileges as to pension and gratuity as he would have held under the said Society, if this Act had not been passed:
     Provided that if the University decides to alter the terms and conditions of service of any such employee, a fresh contract shall be executed for the purpose, and if the employee is not agreeable to serve under the new terms and conditions, his services may be terminated in accordance with his original contract of employment or, if no provision is made therein in this behalf, on payment to him by way of compensation of an amount equal to his salary for six months.