On and from the appointed day,
(a) any reference to the Society in any law (other than this Act) or in any contract or other instrument shall be deemed as a reference to the Sammelan;
[(b) all property, movable or immovable, of the Society shall be the property of the Sammelan;]
(c) all rights and liabilities of the Society shall *** be the rights and liabilities of the Sammelan; and
(d) every person employed for the Society immediately before the appointed day shall hold his office or service in the Sammelan by the same tenure, at 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 the same if this Act had not been passed, and shall continue to do so unless and until his appointment is terminated or until his tenure or terms and conditions are duly altered by the rules made in this behalf:
Provided that if the alteration so made is not acceptable to any such employee, his employment may be terminated by the Sammelan in accordance with the terms of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the Sammelan of compensation equivalent to three month's remuneration in the case of permanent employees and one month's remuneration in the case of permanent employees.