On and from the appointed day--
(a) any reference to the Society in any contract or other instrument shall be deemed as a reference to the Institute;
(b) all the rights and liabilities of the Society shall be transferred to, and be the rights and liabilities of, the Institute; and
(c) every person employed by the Society, immediately before the appointed day, shall hold office or service in the Institute 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, leave, gratuity, provident fund and other matters as he would have held the same, if this Act had not been passed, and shall continue to be so, unless and until his employment is terminated or until such tenure, remuneration, terms and conditions are duly altered by the Statutes:
Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the Institute of compensation equivalent to three months remuneration in the case of permanent employee and one month's remuneration in the case of other employee.