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Vesting of properties, assets, etc., of the Granthasala Sanghom in the State Library Council.—

1. (1) Notwithstanding anything contained in any other law for the time being in force or in any contract or other instrument, all properties, assets, funds and dues of the Granthasala Sanghom shall, with effect from such date as the Government may, by notification, appoint, stand transferred to and vest in the State Library Council.
2. (2) The Provident Fund, Superannuation Fund, Welfare Fund and other funds of the Granthasala Sanghom, if any, shall be transferred to and vest in the State Library Council and the State Library Council shall administer such funds in accordance with the rules or regulations under which such funds were administered by the Granthasala Sanghom.
3. (3) All liabilities and obligations of the Granthasala Sanghom shall be the liabilities and obligations of the State Library Council.
4. (4) All proceedings or suits pending by or against the Granthasala Sanghom shall be continued by or against the State Library Council.