(i) Every person, holding office as Chairman, Managing or other Director of an existing bank, shall be deemed to have vacated office on the commencement ot this Ordinance.
(2) Save as otherwise provided in sub-section (/), all officers and otner employees of an existing bank shall become, on the commencement of this Ordinance, officers or otner employees of the corresponding new bank and shall hold their offices or services in that bank on the same terms and conditions and with the same rights to pension, gratuity and other matters as would have been admissible to them il the undertaking of the existing bank had not been transferred and vested in the corresponding new bank.
(3) For the persons who immediately before the commencement of this Ordinance were the trustees for any pension or provident fund constituted for the officers or other employees of an existing bank, there shall be substituted as trustees such persons as the Central Government may, by general or special order, specify.
{4) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other employee from an existing bank to a corresponding new bank shall not entitle such officer or any other employee to any compensation under this Ordinance or any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.