On and from the date of commencement of this Act,--
(a) any reference to the Manipur University in any contract or other instrument shall be deemed as a reference to the University;
(b) all properties, movable and immovable, of or belonging to the Manipur University shall vest in the University;
(c) all rights and liabilities of the Manipur University shall be transferred to, and be the rights and liabilities of, the University;
(d) every person employed by the Manipur University immediately before the commencement of this Act shall hold his office or service in the University 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 do so unless and until his employment is terminated or until such promulgated tenure, remuneration and 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 University in accordance with the term of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the University of compensation equivalent to three months' remuneration in case of permanent employees and one month's remuneration in the case of other employees:
Provided further that any reference, by whatever form of words, to the Vice-Chancellor and Pro-Vice-Chancellor of the Manipur University in any law for the time being in force, or in any instrument or other document, shall be construed as a reference respectively to the Vice-Chancellor and the Pro-Vice-Chancellor of the University;
(e) the Vice-Chancellor of the Manipur University, appointed under the provisions of the Manipur University Act, 1980(Manipur Act 8 of 1980) shall be deemed to have been appointed as the Vice-Chancellor under this Act, and shall hold office for a period of three months or till such time the first Vice-Chancellor is appointed under section 47 of the Act, whichever is earlier; and
(f) all Colleges, Institutions, Schools and Departments affiliated to, or admitted to the privileges of, or maintained by, the Manipur University, shall stand affiliated to, or admitted to the privilege of, or maintained by, the University.