(1) The services of officers and other employees of the transferor societies shall stand transferred to the Telangana State Handloom Weavers Co-operative Society Limited.
(2) Every person who has been, immediately before the specified day, in the employment of the transferor societies shall in so far as such person is employed in connection with any of the transferor societies become as from the specified day, an employee of the transferee 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 gratuity and other retirement benefits and other matters as he would have held the same under the transferor societies prior to the transfer of their assets and liabilities and shall continue to do so unless and until his employment in the transferee society is duly terminated or until his terms and conditions of employment are duly altered by the transferee society.
(3) The transfer of the services of any officer or other employee of any of the transferor societies to the transferee 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.