5. Effect of the incorporation of the Institute.-
On and from the date of commencement of this Act,-
(a) any reference to the Society in any law (other than this Act) or in any contract or other instrument shall be deemed as a reference to the Institute incorporated under this Act;
(b) all property, movable and immovable of, or belonging to, the Society, shall vest in the Institute;
(c) all the rights and liabilities of the Society shall be transferred to, and be, the rights and liabilities of, the Institute;
(d) any reference to any campus of the Institute, established before the commencement of this Act, shall be deemed as a reference to that Institute campus;
(e) every person employed by the Society, immediately before such commencement, shall hold his office or service in the Institute including the Institute campuses, located at Bengaluru in the State of Karnataka and at Gandhinagar in the State of Gujarat, by the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters as he would have held the same, if this Act had not been enacted, and shall continue to be so, unless and until his employment is terminated or until such tenure, remuneration, terms and conditions are duly altered by the Statutes:
Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the Institute of compensation equivalent to three months' remuneration in the case of permanent employee and one month's remuneration in the case of other employee.