Transfer of assets and liabilities of State Government to Board

(1) As from the appointed day, in relation to any port, (a) all property, assets and funds and all rights to levy rates vested in the State Government for the purposes of the port immediately before such day, shall vest in the Board; (b) all debts, obligations and liabilities incurred, all contracts entered into, and all matters and things engaged to be done by with or for the State Government immediately before such day, for or in connection with the purposes of the port shall be deemed to have been incurred, entered into and engaged to be done by, with, or for the Board; (c) all non-recurring expenditure incurred by the State Government for or in connection with purposes of the port upto such day and declared to be capital expenditure by the State Government shall be treated as the capital provided by the State Government to the Board (who shall repay the same at intervals and on terms and conditions as may be determined by the State Government); (d) all rates, fees, rents and other sums of money due to the State (e) all suits and other legal proceedings instituted by or against the State Government immediately before such day for any matter in relation to port, may be continued by or against the Board; (f) every employee serving under the State Government immediately before such day solely or mainly for or in connection with the affairs of the minor port shall become an employee of the Board, shall hold his office or service therein by the same tenure and upon the same terms and conditions of service as he would have held the same if the Board had not been established and shall continue to do so unless and until his employment in the board is terminated or until his tenure, remuneration or terms and condition of service are duly altered by the Board: Provided that the tenure, remuneretion and terms and conditions of service of any such employee shall not be altered to his disadvantage without the previous sanction of the State Government. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any employee under this section to the Board shall not entitle such employee to any compensation under that Act or other law, and no such claim shall be entertained by any Court, Tribunal or other authority.