Transfer of assets and liabilities and of employees of certain institutions to the University.

On the commencement of this Act, the assets and liabilities of the Punjab University Regional Centre for Post-Graduate Studies, Simla and the Punjab University Evening College, Simla shall stand transferred to and shall vest in the University, in accordance with the terms and conditions mutually agreed to between the University and the Punjab University, Chandigarh. All officers and other employees of these institutions holding office as such immediately before the commencement of this Act shall, on such commencement, become the officers and other employees of the University: Provided that- (1) such officers and employees of the above-mentioned institutions shall be allowed to exercise an option whether or not they wish their services to be taken over by the University; (2) the existing rights and service conditions of such employees who opt for service in the University shall be protected; any service rendered by any such officer or other employee before such transfer of his service to the University shall be deemed to be service rendered in connection with the administration of the University, on the condition that their leave, pension and provident fund and gratuity contribution in respect of the service rendered by them to the Punjab University, Chandigarh, shall be reimbursed to the University by the Punjab University, Chandigarh: Provided further that in the event of any dispute or difficulty in the matter of implementation of the provisions of this section the matter shall be referred to the Central Government, whose decision shall be final.