(1) Every reconstructed endowment shall be registered as a public trust for the purposes of the Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950) ; and the provisions of Chapter IV of that Act relating to the registration of public trusts shall, as far as may be, apply to the making of entries in the register kept under section 17 of that Act. The entries so made shall be final and conclusive.
(2) The property-moveable and immoveable-and all interests of whatsoever nature of kind therein which vested in the acquired endowment shall be deemed to be transferred to and shall vest in, without further assurance the reconstructed endowment ; and if any such property is burdened with any encumbrances, then such encumbrances shall be transferred therefrom and shall be deemed to be attached to the reconstructed endowment, and the lessee, mortgagee, creditor, or as the case may be, any other encumbrancer shall exercise his rights accordingly.
(3) Save as expressly provided aforesaid, all rights, liabilities and obligations (including contracts) and the instrument of trust, if any, and all suits and legal proceedings in relation to the acquired endowment shall subject to the provisions of sub-section (2) of section 6, be deemed to be the rights, liabilities and obligations, contracts and the instrument of trust, or as the case may be, suit or legal proceedings in relation to the reconstructed endowment.