Every employee (including the member of the teaching staff) in the employment of the said Institution immediately before the appointed date shall, in so far as such employee is employed in connection with the affairs of the said Institution, become as from such date, the employee of the Society, and shall hold his office 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, provident fund, gratuity, if any, and other matters as he would have held under the said Institution if this Act had not been passed, and shall continue to do so, unless and until his employment under the Society is terminated (and the Society is hereby with the approval of the State Government empowered to terminate such employment), or until his remuneration, terms and conditions are duly altered by the Society:
Provided that, if the alteration so made is not acceptable to any such employee, his employment may be terminated by the Society on payment to him by the Society of compensation equivalent to three months’ remuneration, in the case of a permanent employee, and one month’s remuneration in the case of other employee:
Provided further that, nothing contained in this section shall apply to any such employee who has, by notice in writing given to the Society within thirty days next following the appointed date, or such further period as the Society may specify in this behalf, intimated his intention of not becoming the employee of the Society.