On and from the commencement of this Act,--
(i) the Society known as the Central Institute of English and Foreign Languages, Hyderabad Society, shall be dissolved, and all properties, movable or immovable, and all rights, powers and privileges of the said Society shall be transferred to and vest in the University and shall be applied to the objects and purposes for which the University is established;
(ii) all debts, liabilities and obligations of the said Society shall be transferred to the University and shall thereafter be discharged and satisfied by it;
(iii) all references in any enactment to the said Society shall be construed as references to the University;
(iv) any will, deed or other document, whether made or executed before or after the commencement of this Act, which contains any bequest, gift or trust in favour of the said Society shall be construed as if the University was therein named instead of the Society;
(v) subject to the provisions of this Act, every person employed immediately before the commencement of this Act in the Central Institute of English and Foreign Languages, Hyderabad, shall hold such employment in the University by the same tenure and on the same terms and conditions and with the same rights and privileges as to pension and gratuity as he would have held under the Central Institute of English and Foreign Languages, Hyderabad, if this Act had not been passed.