Transfer of assets and liabilities

(1) All properties, movable and immovable and all the interests of whatsoever nature and kind therein owned by the Society, courses run thereunder and all the posts created and filled, whole staff of officers and officials working in the said institutions before the commencement of this Act, shall vest in the University: Provided that the staff of the officers and officials shall be taken over who fulfils the qualifications if any prescribed by the University Grants Commission and if a person does not fulfils the qualifications for a post for which University Grants Commission has laid down the qualifications, then he shall be adjusted against the post for which he fulfils the qualifications. (2) All debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done in respect of the University shall be deemed to have been incurred, entered into, or engaged to be done by, with or for the University.