(1) The services of every officer or other employee employed, immediately before the appointed day, in connection with the affairs of the undertaking of any of the societies, except officers and other employees of the Central Government or the Government of Kerala on deputation, shall, as from the appointed day, stand terminated.
(2) Any officer or other employee of the Central Government or the Government of Kerala deputed for employment in connection with the affairs of the undertaking of any of the societies and employed as such immediately before the appointed day shall, as from that day, revert to the service of the Central Government or the Government of Kerala, as the case may be.
(3) Notwithstanding anything to the contrary contained in the Industrial Disputes Act, 1947 (Central Act 14 of 1947) or in any other law for the time being in force, no person whose services stand terminated by virtue of sub-section (1) shall be entitled to any compensation or other payment under that Act or such other law and no claim for such compensation or payment shall be entertained by any court, tribunal or other authority.
(4) Notwithstanding anything contained in sub-section (3), every officer or other 5 employee appointed under a contract executed by him and any of the societies, shall be paid the amount to which he is entitled under such contract.
(5) The amount payable to an officer or employee under sub-section (4) shall be paid by the Director of Industries and Commerce in cash within a period of six months from the appointed day:
Provided that if the amount is not paid within the period aforesaid, the Director of Industries and Commerce shall pay interest on the amount at the rate of four percent per annum from the date of expiry of the said period.