Section 7(1) in The Maharashtra Educational Institutions (Transfer Of Managers) Act, 1971
(1)As from the appointed date, —(a)the said Institution shall stand dissolved; and the undertaking of the said Institution, which immediately before the appointed date belonged to or was vested therein, shall for purposes of its management and control stand transferred to the Society and shall be used or applied for the purposes for which the Society is constituted;(b)all persons in charge of the management, including persons holding office as trustees, governors, directors, council, committee or governing body to whom the management of the said Institution is entrusted immediately before the appointed date shall be deemed to have vacated their offices as such;(c)any contract of management, if any, between the said Institution and any person in relation to carrying on the affairs of the undertaking of the said Institution immediately before the appointed date shall be deemed to have terminated;(d)the Society shall take all such steps as may be necessary to take into its custody or control all the property, effects and actionable claims forming part of the undertaking to which the said Institution is or appears to be entitled and all such property and effects shall be deemed to be in the custody of the Society as from the appointed date.
