(1) The services of officers and other employees of the amalgamated societies shall stand transferred to the new society.
(2) Every person who has been immediately before the appointed day, in the employment of the amalgamated societies shall, in so far as such person is employed in connection with the amalgamated societies, become as from the appointed day an employee of the new society and shall hold his office or service therein 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 and gratuity and other matters as he would have held the same under the amalgamated societies prior to their amalgamation and shall continue to do so unless and until his employment in the new society is duly terminated or until his terms and conditions of employment are duly altered by the new society.
(3) The transfer of the services of any officer or other employee of the amalgamated societies to the new society shall not entitle such officer or other employee to any compensation under this Act or other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.