(1) With effect from the appointed day, the State Government shall have all the powers of management and control in relation to the Auditorium together with—
(a) all lands thereof and appurtenant thereto and all buildings, erections and fixtures on such lands, and
(b) all furniture, equipments, stores, moneys and other assets pertaining to the Auditorium.
(2) All persons in charge of, or exercising any power of, management of the Auditorium by the terms of the constitution or management thereof or by virtue of any judgement, decree or order of any court, tribunal or other authority immediately before the appointed day shall be deemed to have vacated their offices as such on the appointed day and shall cease to exercise such power.
(3) Every persons having in possession, custody or control of any property in relation to the Auditorium shall deliver forthwith such property to the State Government or to such officer or other employee of the State Government as may be authorised by the State Government in this behalf.