Effect of the Establishment.

(1) On and from the appointed date,— (a) the control and management of the College which is with the Sponsoring Body together with the control and management of all properties and assests pertaining to the College, shall stand transferred to, and vest in the University. (b) all properties and assests pertaining to the College including any cash balance held by the College or on its account, whether in deposit with any bank or otherwise, shall stand transferred to, and vest in the University; (c) save as provided in this section, all rights, powers and privileges, duties, debts and liabilities and obligations of the College, contractual or otherwise, arising or accrued or incurred in relation to the affairs of the College shall stand transferred to, and vest in the University; and (d) every employee and teacher duly appointed in connection with the affairs of the College and serving in the College as such immediately before the date of notification under sub-section (1) of section 3, shall hold his office or service in the University by the same terms and conditions and with the same rights and privileges. (2) The properties and assests and rights transferred to the University by virtues of sub-section (1), shall continue to be utilized for the purposes for which they were being utilized and were intended to be utilized immediately before the appointed date. (3) Notwithstanding anything contained in the Biju Patnaik University of Technology Act, 2002 and the Odisha University Act, 1989 and the Statute made there under,— (a) the College shall, with effect from the appointed date, cease to be affiliated from the BPUT and shall stand transferred to the University; (b) all Faculties of studies or programmes of studies, or courses of studies by whatever name called, existing in the College prior to the appointed date shall be integrated into the University; (c) any student of the college, who, immediately prior to the appointed date was studying for any examination of BPUT or for any examination of the College, the College being an Autonomous College, shall continue his studies as a student of the university and to be permitted to complete his course in preparation there for and be admitted to the examination of the University; and (d) for students referred to in clause (c), the University shall make arrangement for conferment of the corresponding degree and other academic distinction on the basis of the result of such examination.