(2)The educational institution referred to in sub-section (1) shall be deemed to include all assets, rights and leaseholds, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, stores, instruments and vehicles, cash balances, reserve fund, investments and book debts and all other rights and interests arising out of such property as were, immediately before the date of taking over of the management under sub-section (1) (hereinafter in this Chapter referred to as the date aforesaid) in the ownership, possession, power or control of the management of such educational institution and all books of account, registers and all other documents of whatever nature relating thereto.
