Effect of 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 assets pertaining to the College, shall stand transferred to, and vest in, the University; (b) all properties and assets 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 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 affairs of the College and serving in the College as such immediately before the appointed date, 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, assets and rights transferred to the University by virtue 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, the Odisha Universities Act, 1989 and the Odisha Universities of Culture Act, 1999 and the Statutes made thereunder for the BPUT, Utkal University and the Culture University,—