Section 21: Transfer of employees and assets

21. Transfer of employees and assets.__ (1) Notwithstanding anything contained in any law, contract or agreement or in the terms and conditions of service, every person, other than employees of other Departments and members of regularly constituted Service Groups posted on deputation or employed in the Board of Investment and serving in or under it immediately before the commencement of this Ordinance including employees of the BOI on deputation to other organizations, shall cease to be civil servants and stand transferred to and become employees of the BOI on such terms and conditions as may be prescribed by rules to be made under section 23: Provided the terms or conditions of the persons so transferred shall not be less favourable than those applicable to them before the commencement of this Ordinance. (2) Notwithstanding anything contained in any other law for the time being in force, no person who has been transferred to the BOI under subsection (1) shall be entitled to any compensation on account of such transfer. (3) All funds, properties, rights and interests of whatsoever kind issued, used, enjoyed, possessed, owned or vested in the BOI, in existence before the commencement of this Ordinance, and all liabilities legally subsisting against the said Board shall vest in and become the liabilities of the BOI established under this Ordinance. (4) All suits, other legal proceedings instituted by or against the BOI in existence immediately before the commencement of this Ordinance and all orders issued, instructions executed, measures taken, etc., in relation thereto, shall be deemed to pertain to the BOI established under this Ordinance, and may proceed and be dealt with accordingly. (5) All debts and liabilities incurred, contracts entered into or rights acquired and all matters and all things, engaged to be done, by with or for the BOI, in existence before the commencement of this Ordinance, shall be deemed to have been incurred, entered into, acquired or engaged to be done by, with or for the BOI established under this Ordinance.

Effective date: 2001-01-01

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