Section 5(3) in The Kalakshetra Foundation Act, 1993
(3)Any licence, permission, authority, concession, facility, privilege, affiliation or any other instrument of similar nature granted to the Board of Trustees or any other body, in whatever capacity, in relation to the assets and properties of Kalakshetra or any of its constituent units which has vested in the Central Government under section 4, at any time before the commencement of this Act and in force immediately before such commencement, shall continue to be in force on and after such commencement in accordance with its tenor in relation to, and for purposes of, such assets and properties, or where the direction under section 6 has been issued, the Foundation shall be deemed to be substituted in such licence, permission, authority, concession, facility, privilege affiliation or other instrument, as if it had been granted to the Foundation and the Foundation shall hold it for the remainder of the period for which the Board of Trustees or any other body, in whatever capacity, would have held it under the terms thereof.
