On and from the date of commencement of this Act,--
         (a) any reference to an existing Institute in any other law for the time being in force or in any contract or other instrument shall be deemed as a reference to the corresponding Institute;
         (b) all properties, movable and immovable, of or belonging to an existing Institute shall vest in the corresponding Institute;
         (c) all rights and liabilities of an existing Institute shall be transferred to, and be the rights and liabilities of the corresponding Institute;
         (d) every person employed by an existing Institute immediately before such commencement shall hold his office or service in the corresponding Institute, with the same tenure, for the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters as he would have held had this Act not been enacted, and shall continue to do so unless and until his employment is terminated or until such tenure, remuneration, terms and conditions are duly altered by the Statutes:
     Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms and conditions of the contract with the said employee or, if no provision is made therein in this behalf, on payment to him by the Institute, of compensation equivalent to three months' remuneration in case of permanent employee and one month's remuneration in the case of other employee:
    Provided further that any reference, by whatever form of words, to the Director or Vice-Chancellor, and other officers of an existing Institute under any law for the time being in force, or any instrument or other document, shall be construed as a reference to the Director, and other officers of the corresponding Institute;
     (e) every person pursuing, before commencement of this Act, any academic or research course in an existing Institute, shall be deemed to have migrated and registered with the corresponding Institute, on such commencement at the same level of course in the Institute from which such person migrated; and
     (f) all suits and other legal proceedings instituted or which could have been instituted by or against an existing Institute, immediately before the commencement of this Act, shall be continued or instituted by or against the corresponding Institute.