Section 7(5) in The Maharashtra Educational Institutions (Transfer Of Managers) Act, 1971
(5)Subject to the other provisions of this Act, all contracts and working arrangements which are subsisting immediately before the appointed date and affecting the undertaking of the said Institution shall, in so far as they relate to the undertaking of the said Institution, cease to have effect or be enforceable against the said Institution or any person who was surety or had guaranteed the performance thereof, and shall be of as full force and effect against or in favour of the Society and enforceable as fully and effectually as if instead of the said Institution, the Society had been named therein, or had been a party thereto.
