law: National Institute of Pharmaceutical Education and Research Act, 1998
  6. Effect of incorporation of Institute 
  On and from the appointed day,-
  (a) any reference to the Society in any
  
  contract or other instrument shall be deemed as a reference to the Institute;
  (b) all the rights and liabilities of the
  
  Society shall be transferred to, and be the rights and liabilities of, the
  
  Institute; and
  (c) every person employed by the Society
  
  immediately before the appointed day shall hold office or service in the
  
  Institute by the same tenure, at the same remuneration and upon the same terms
  
  and conditions and with the same rights and privileges as to pension, leave,
  
  gratuity, provident fund and other matters as he would have held the same if
  
  this Act had not been passed, and shall continue to be so unless and until his
  
  employment is terminated or until such tenure, remuneration and terms and
  
  conditions are duly altered by the Statutes:
  Provided  that if the alteration so made is not
  
  acceptable to such employee, his employment may be terminated by the Institute
  
  in accordance with the terms of the contract with the employee or, if no
  
  provision is made therein in this behalf, on payment to him by the Institute of
  
  compensation equivalent to three months' remuneration in the case of permanent
  
  employee and one month's remuneration in the case of other employee.