(1) Notwithstanding anything contained in any other law for the time being in force, or in any judgment, decree or order of any Court or in any contract or other document, on the date of commencement of this Act,—
(a) the establishment as defined in clause (e) of section 2 together with all borrowings made by or on behalf of, and all other liabilities and obligations of whatever kind, incurred in relation to the Pariyaram Medical College and Hospital and subsisting on such date, shall stand transferred to and shall vest absolutely in the societies;
(b) the Pariyaram Medical College shall be administered by the Academy of Medical Sciences as an institution owned by the societies.
(2) In administering the Pariyaram Medical College as an institution of the societies, regard shall be had to the purpose for which that institute was set up by the societies in pursuance of the Memorandum of Association.
(3) All expenses so far incurred by the Government for the administration of the Pariyaram Medical College and Hospital may be determined by the Government, within three months from the date of commencement of this Act, and the amount so determined shall be treated as Government contribution to the share capital of the respective societies.