(1) The Board of Management of the erstwhile trust and every other person in possession of any immovable property of the erstwhile trust, which has vested under section 3 in the Sansthan Trust, shall hand over possession thereof, alongwith movable property thereon with a full inventory, to the Executive Officer on behalf of the Committee forthwith but in any case not later than one month or such longer period as may be allowed by the Committee, in writing.
(2) The Board of Management of the erstwhile trust and every other person in possession of the movable property of the erstwhile trust which is in the form of deposits in banks or investment in shares shall, within thirty days or such longer period not exceeding sixty days in the aggregate from the appointed day, as the Committee may allow, transfer or cause to be transferred, such property, with a full inventory, to the Executive Officer on behalf of the Committee.
(3) The Executive Officer shall prepare a list of the entire movable and immovable property vested under section 3 in the Sansthan Trust showing detailed description and approximate value of each property and submit a copy thereof to the Charity Commissioner and the Principal Secretary and Remembrancer of Legal Affairs, Law and Judiciary Department, within ninety days from the appointed day. The original list of the properties shall be preserved permanently in the office of the Sansthan Trust.
(4) Where any property is handed over or transferred as provided under sub-section (1) or (2), the Executive Officer shall, after due verification of the inventory, pass a receipt in writing for the same to the transferor, and thereupon, the Executive Officer shall be responsible for safe custody of such property.
(5) The Board of Management of the erstwhile trust and every other person who has handed over or transferred any property of the erstwhile trust to the Executive Officer and obtained the receipt thereof under sub-section (4) shall, stand indemnified, released and discharged from all accounts, suits or other legal proceedings, claims and demands or liability in respect of that property.