(1) On and from the appointed day and for a period of seven years thereafter, the management of the 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 10 vest in the Government after the expiry of sin h period of seven years, it may from time to time, issue directions for the continuance of such management for such period not exceeding one year at a time as it may think fit.
(2) The Institute shall he 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 ail 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.