On and from the commencement of this Act,
(a) Any reference to a society in any law, other than this Act, or in any contract or other instrument shall be deemed as a reference to the corresponding Institute;
(b) All property, movable and immovable, of or belonging to a society shall vest in the corresponding Institute;
(c) All the rights and liabilities of a society shall be transferred to, and be the rights and liabilities of the corresponding Institute; and
(d) every person employed by a society, immediately before such commencement shall hold his office or service in the corresponding Institute for 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 if this Act had not been passed, and shall continue to do so unless and until his employment is terminated or until such tenure, remuneration and 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 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 months' remuneration in the case of other employee.