(1) On and from the. appointed day and for a period of three years thereafter, the management of institute shall vest in the State Government.
Provided that if the State Government is of opinion that in order to secure the proper management of the Institute it is expedient that such management should continue to vest in the Government after the expiry of the such period of three years, it may, from time to time, issue directions for the continuance of such management for such period, not expiry of such period of three years, it may from time to time, issue period for which such management shall continue to vest in the State Government shall not, in any case, exceed five years.
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(2) Institute shall be deemed to include all the assets, rights, leaseholds, powers, authorities and privileges, and all property (movable and immovable), including lands, buildings, works, workshops, projects, stores, instruments, machinery, automobiles and other vehicles, cash balances, funds, including reserve funds, investments and book debts of the Society as form part of, or are relatable to Institute and all other rights and interests arising out of such properties as were immediately before the appointed day in the ownership, possession, power or control of the Society, and all books of account, registers, maps, plans and all other documents of whatever nature relating thereto :
Provided that if any building was immediately before the appointed day also used by the Society for any purpose other than the purpose of the Institute, the State Government may allow use of such building for that purpose.
4. Not withstanding anything contained in any other law for the time being in force or in the memorandum or the rules and regulations of the Society:- on and from the appointed day every member of the Governing Body of the Society, by whatever name called, shall cease to exercise any powers of management in relation to Institute :
it shall not be lawful for the Society or any other person to nominate or appoint any person as Manager or Director of so much of the assets of the Society as form part of, or are relatable to Institute;
no resolution in relation to Institute passed at any meeting of the members of the Society shall be given effect to unless it is approved by the State Government ;
no proceedings for the dissolution of the Society or merger, of the Society with any other Society or for the appointment of a receiver in respect of any asset forming part of, or relatable to the Institute the management of which has vested in the State Government under section 3, shall lie in any court except with the consent of the State Government.