Effect of Incorporation of the University

On and from the commencement of this Act the Netaji Subhas Institute of Technology shall cease to exist, and, (a) any reference to the Netaji Subhas Institute of Technology in any law (other than this Act) or in any contract or other instrument shall be deemed as a reference to the University; (b) all property, movable and immovable, of or belonging to the Netaji Subhas Institute of Technology, shall vest in the University; (c) the acquisition of capital assets out of the funds allocated by the Government shall be with the approval of the Government and the ownership thereof vests in the Government. However, the responsibility for upkeep and maintenance of the said assets shall be with the University; (d) all the rights and liabilities of the Netaji Subhas Institute of Technology shall be transferred to, and be the rights and liabilities of the University; (e) every person employed on regular basis by the Netaji Subhas Institute of Technology immediately before such commencement shall hold his office or service in the University 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, leave, gratuity, provident fund, and other matters as he would have held the same if this Act had not been passed, and shall continue to do so unless and until his employment is terminated or until he has opted for the terms and conditions of employment as on duty allotted by the University. (f) Notwithstanding anything contained in this Act, the existing students of the Netaji Subhas Institute of Technology, admitted before the establishment of the University under section 3 of this Act, shall continue to pursue all academic courses and programmes of study under the enrolment and affiliation of the University of Delhi, which shall conduct examinations and award degrees to them upon successful completion of the courses and programmes of study they are pursuing therein.