Section 7(2) in The Maharashtra Educational Institutions (Transfer Of Managers) Act, 1971
(2)The undertaking of the said Institution shall be deemed to include all rights, assets, lease-holds including statutory tenancies, if any, powers, authorities and privileges and all property, movable and immovable, including lands, buildings including hostels, works, library, laboratory, instruments, equipment, furniture, stationery, stores, automobiles and other vehicles, if any, and other things required for carrying on the undertaking of the said Institution, cash balances, cash on hand, reserve fund, if any, investments and book debts and all other rights and interests arising out of such property as were immediately before the appointed date in the ownership, possession, power or control of the said Institution and all books of account, registers, maps, plans and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations, of whatever kind, then subsisting of the said Institution.
