Notwithstanding anything contained in the Andhra Pradesh (Telangana Area) Public Societies Registration Act, 1350 F. on and from the date of commencement, of this Act, the Society known as "The Nizam’s Institute of Medical Sciences, Hyderabad" registered with Certificate of Registration (No. 238 of 1980) issued by the Registrar of Societies, Andhra Pradesh, Hyderabad shall stand dissolved and the said Certificate of Registration shall stand cancelled and thereupon,-
(1) the Nizam’s Institute of Medical Sciences together with,-
(a) all lands on which the Nizam’s Institute of Medical Sciences Stands, and all other lands appurtenant thereto and all buildings, erections and fixtures on such lands;
(b) all furniture, equipments, stores, apparatus and appliances, drugs, moneys and other assets of the Nizam’s Institute of Medical Sciences;
(c) all other properties and assets, movable and immovable including leases pertaining to the Nizam’s Institute of Medical Sciences, cash balances, reserve funds, investments and all other rights and interests in, or in relation to, or arising out of, such property as were, immediately before the said commencement in the ownership, possession, power or control of any person in charge of the management of the affairs of the Nizam’s Institute of Medical Sciences; and
(d) all borrowings made or contracts entered into by or on behalf of and all other liabilities and obligations of whatever kind, incurred in relation to the Nizam’s Institute of Medical Sciences and subsisting on the appointed day, shall stand transferred to and shall vest absolutely in the Nizam’s Institute of Medical Sciences established under section 3 of this Act (herein-after in this section called the Institute).
(2) Every deed of gift, endowment, bequest or trust or other document in relation to all or any of the properties, and assets, referred to in clause (1), shall as from the appointed day be construed as if it were made or executed in favour of the Institute.
(3) Every officer or other employee, who immediately before the said commencement, is employed in, or in connection with the affairs of the Nizam’s Institute of Medical Sciences, shall become, as from the appointed day, an officer or other employee, as the case may be, of the Institute and shall hold his office by the same tenure, at the same remuneration and upon the same rights and privileges as to pension, gratuity and other matters as he would have held, if this Act, had not been enacted and shall continue to do so unless and until his employment under the Institute is duly terminated or until his remuneration, terms and conditions duly altered by the Institute:
Provided that, if the alteration so made is not acceptable to any such officer or other employee, his employment may be terminated by the Institute on payment to him of an amount equivalent to three month’s remuneration in the case of permanent employees and one month’s remuneration in the case of other employees.