(1) On and from the appointed day, every Scheduled College, together with —
(a) all lands on which such college stands and all other land appurtenant thereto, and all buildings, erections and fixtures on such lands,
(b) all furniture, equipments, stores, apparatuses, instruments, appliances, drugs, medicines, works, workshops, projects, automobiles, books, moneys and other assets of such college ;
(c) all other properties, movable and immovable including farms, leases and all rights, powers authorities, privileges, reserve funds, investments, book-debts, and all other rights and interests in or in relation to or arising out of such property as were immediately before the appointed day, in the ownership, possession, power or control of the day, in the ownership, possession, power or control of the Administrator or any other person, society or body in charge of the management of the affairs of such college ;
shall stand transferred to and vest absolutely in the State Government and shall be applied for the purpose of such college.
(2) Every deed of gift, endowment, bequest, trust or other document in relation to all or any of the properties and assets referred to in sub-section (1) shall, as from the appointed day, be construed as if it were made or executed in favour of the State Government.
(3) Subject to the provisions of this Act, every property and assets referred to in this section, which by virtue of sub-section (1) has vested in the State Government shall, by force of such vesting, be freed and discharged from any debt, obligation, mortgage, charge or lien and other encumbrances affecting it, and every attachment, injunction, decree or order of any court or tribunal restricting the use of such property in any manner shall be deemed to have been withdrawn.
(4) Subject to the provisions of this Act, any proceeding or cause of action pending or existing immediately before the appointed day, by or against the society may, as from the appointed day, be continued and enforced by or against the State Government as if might have been continued or enforced by or against such society if this Act had not come into force.