(1) Notwithstanding anything contained in the Public Trusts Act or any other law for the time being in force, on and from the appointed day, the provisions of this Act shall apply in respect of erstwhile trust registered as "Shree Shanaishwar Devasthan" at village Shinganapur, Taluka Nevasa, District Ahmednagar, with registration No. A/587 and the said Trust shall be re-constituted as provided in this Act.
(2) On the appointed day, all the properties, whether movable or immovable (including all assets, rights, funds, liabilities and obligations) of the erstwhile trust shall, by virtue of, and in accordance with, the provisions of this Act, stand transferred to, and vested in the Management Committee for the purposes of the Devasthan Trust so re-constituted under sub-section (1) and the Executive Officer shall, on behalf of the Committee, be entitled to their possession and management from that day.
(3) The Committee or Board of Trustees functioning in relation to the erstwhile trust immediately before the appointed day shall cease to function; and all its powers, duties, rights and privileges, if any, in relation to the erstwhile trust shall vest in the Management Committee of the Devasthan Trust.