(3)All property whether movable or immovable, including lands, buildings, equipment, books and library and all rights of whatever kind owned by or vested in or held in trust immediately before the date of commencement of this Act by the University of Calicut in the territorial jurisdiction of the Kannur University as well as all liabilities legally subsisting against the University of Calicut in respect of these properties shall stand transferred to and vest in the Kannur University.
