(1) On and from the appointed day, every Scheduled College,
together with —
(a) all lands on which such college stands and all other land
appurtenant thereto, and all buildings, erections and fixtures on such
lands,
(b) all furniture, equipments, stores, apparatuses, instruments,
appliances, drugs, medicines, works, workshops, projects, automobiles,
books, moneys and other assets of such college ;
(c) all other properties, movable and immovable including farms,
leases and all rights, powers authorities, privileges, reserve funds,
investments, book-debts, and all other rights and interests in or in
relation to or arising out of such property as were immediately before
the appointed day, in the ownership, possession, power or control of
the day, in the ownership, possession, power or control of the
Administrator or any other person, society or body in charge of the
management of the affairs of such college ;
shall stand transferred to and vest absolutely in the State
Government and shall be applied for the purpose of such college.
(2) Every deed of gift, endowment, bequest, trust or other
document in relation to all or any of the properties and assets referred to in sub-section (1) shall, as from the appointed day, be construed as
if it were made or executed in favour of the State Government.
(3) Subject to the provisions of this Act, every property and
assets referred to in this section, which by virtue of sub-section (1)
has vested in the State Government shall, by force of such vesting, be
freed and discharged from any debt, obligation, mortgage, charge or
lien and other encumbrances affecting it, and every attachment,
injunction, decree or order of any court or tribunal restricting the use
of such property in any manner shall be deemed to have been
withdrawn.
(4) Subject to the provisions of this Act, any proceeding or
cause of action pending or existing immediately before the appointed
day, by or against the society may, as from the appointed day, be
continued and enforced by or against the State Government as if
might have been continued or enforced by or against such society if
this Act had not come into force.