5. Effect of establishment of Regional Centre.-
(1) On and from the date of commencement of this Act,-
(a) any reference to the existing Regional Centre in any law, other than this Act, or in any contract or other instrument, shall be deemed as a reference to the Regional Centre;
(b) all properties and assets, movable and immovable, of, or belonging to the existing Regional Centre shall vest in the Regional Centre;
(c) all rights and liabilities of the existing Regional Centre shall be transferred to, and be the rights and liabilities of, the Regional Centre;
(d) without prejudice to the provisions of clause (c), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for, the existing Regional Centre immediately before the said date, for or in connection with the purposes of the said Regional Centre shall be deemed to have incurred, entered into or engaged to be done by, with or for, the Regional Centre;
(e) all sums of money due to the existing Regional Centre immediately before that date shall be deemed to be due to the Regional Centre;
(f) all suits and other legal proceedings instituted or which could have been instituted by or against the existing Regional Centre immediately before that date may be continued or may be instituted by or against the Regional Centre;
(g) every employee (including those appointed for imparting instruction or giving training or conducting research in the existing Regional Centre), holding any office under the existing Regional Centre or teaching therein immediately before the commencement of this Act shall hold his office in the Regional Centre or continue teaching therein by the same tenure and upon the same terms and conditions of service as respects remuneration, leave, provident fund, retirement and other terminal benefits as he would have held such office if this Act had not been enacted and shall continue to do so as an employee of the Regional Centre or until the expiry of the period of six months from that date if such employee opts not to be the employee of the Regional Centre within such period.
(2) Notwithstanding anything in the Industrial Disputes Act, 1947 (14 of 1947) or in any other law for the time being in force, absorption of any employee by the Regional Centre in its regular service under this section shall not entitle such employee to any compensation under that Act or any other law and no such claim shall be entertained by any court, tribunal or other authority.