(1) The right title and interest of scheduled institution, SRIMATI RADHIKA SINHA INSTITUTE AND SACHIDANAND SINHA LIBRARY,Patna, shall stand transferred to and vest in the State Government from the commencement of this Act.
(2) All such assets, rights, leaseholds, powers, authorities and privileges and all property, movable, immovable including land, building, stores, machines, equipments, furniture, cash balance, cash in hand, reserve funds, investments, and book debts and all the right and interest in, or arising out of such property and all account Books, register and other documents related there to which were, immediately before the appointed day, in the ownership, possession, power and control of the scheduled institution whether within or outside India and other documents or whatever a nature relating thereto shall be deemed to be included in the scheduled Institution.
(3) Not withstanding anything contained in subsection (1) of this section the State Government will not be required to pay any amount for the satisfaction of any debt, mortgage charge or other encumbrances or lien, trust or other obligations attached to the Scheduled institution on the appointed day.