[33. Dissolution of existing Board and transfer of its assets and liabilities to the new Board.-(1) On the establishment of the Board under section 3 of this Act as amended by the Bombay Khadi and Village Industries Amendment Act, 1965 (Mah. XXVIII of 1965), the Maharashtra State Khadi and Village Industries Board functioning immediately before such establishment thereof (hereinafter referred to as "the existing Board") shall stand dissolved; and the members thereof shall vacate their offices.
(2) On the establishment of the Board as aforesaid, the assets, rights and liabilities of the existing Board (including the rights and liabilities under any contract made by the existing Board) shall pass to the new Board, and the assets, rights and liabilities of the existing Board shall vest in, and be the assets, rights and liabilities of the Board.
(3) Where immediately before the establishment of the Board as aforesaid, the existing Board is a part to any proceedings pending before any Court, Tribunal, authority or officer with respect to any property, rights or liabilities transferred to the Board, the Board shall be deemed to be substituted for the existing Board as a party to those proceedings, and the proceedings may continue accordingly.
(4) Every person who immediately before the establishment of the Board as aforesaid is an employee of the existing Board, shall, as from the establishment of the Board, be deemed to be the employee of the Board on the same terms and conditions including pay as are applicable to him immediately before such establishment.
(5) Nothing in sub-section (4) shall be deemed to affect the rights of the Board to duly determine, after its establishment, the conditions of service of any such person deemed to be the employee of the Board:
Provided that, the condition of service applicable immediately before the establishment of the Board to the case of any such person, shall not be varied to his disadvantage by the Board except with the previous approval of the State Government.]