( 1) The institution shall, so long as it remains under the management of the State Government, be run for the purposes for which it was being run immediatly before the appointed day.
(2) The State Government may, at any time before the expiry of the period referred to in subsection (2) of section 3, by notification make over the management of the institution to the person or persons under whose management the institution was immediately before the appointed day, or to any other person or persons as the State Government may think fit, with effect from such date as may be specified in the notification.
(3) If the management of the institution has not been made over under sub-section (2),the management of the institution shall, on the expiry of the period referred to in sub-section (2) of section 3, revert to the person or persons under whose management the institution was immediately before the appointed day:
Provided that on vesting of the institution in the State Government, the reversion of the management of the institution shall not be necessary. •
(4) The Principal appointed under section 7 shall cease to function with effect from the date on which the management of the institution is made over under sub-section (2), or is reverted under subsection (3), as the case may be.
(5) The institution shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable or immovable, including lands, buildings, equipments, lecture rooms, libraries, stores, drugs, cash balances, reserve fund, investments and all other rights and interests in or arising out of such property as were immediately before the appointed day in the ownership, possession, power or control of the institution and all books of accounts, registers and all other documents of whatever nature.
(6) (a) All persons constituting the Centre for Advancement of Higher Education with its office at Midnapore Zilla Farishad Complex, Midnapore, entrusted with setting up of the institution and all other persons exercising any power of management in relation to the institution immediately before the appointed day shall be deemed to have vacated their offices and shall cease to exercise such power.
(b) All persons who have in their possession, custody or control any asset or assets of the institution shall forthwith deliver possession of such asset or assets to the Principal appointed under section 7 or to such other person as may be authorised by the Principal in this behalf.
(7) Every person in charge of the management of the institution immediately before the appointed day shall, within ten days from that day or within such further time as the State Government may allow in this behalf, furnish to the Principal a complete inventory of all properties and assets forming part of the institution, and of all liabilities and obligations of the institution subsisting, immediately before the appointed day.
(8) The State Government may take, or cause to be taken, all necessary steps for obtaining the possession of the institution.