(1)On the effective date of the transfer notified for the purpose, all the assets, liabilities and Proceedings of the Board shall stand transferred to and vest in the State absolutely and in consideration thereof all loans, subventions and obligations of the Board towards the State shall stand extinguished and cancelled, which consideration shall be in full and final settlement of all claims whatsoever of the Board.(2)Nothing in sub-rule (1) shall apply to rights, responsibilities, and obligations in respect of the Personnel and Personnel related matter including statutory dues such as salary, wages, gratuity, pension, provident fund, compensation and retirement benefits and the same shall be dealt with in the manner provided under Rule 7 of these rules.
