17. Upon the commencement of this Act, the Bangladesh Central Jute Committee registered under the Societies Registration Act, 1860 (Act XXI of 1860), shall notwithstanding anything contained in that Act, stand dissolved, and upon such dissolution-(a) all assets of the Bangladesh Central Jute Committee, hereinafter referred to as the said Committee, shall stand transferred to, and vested in, the Institute;Explanation. The expression “assets” includes all rights, powers, authorities and privileges and all property, movable and immovable, cash and bank balances and all other interests and rights in, or arising out of, such property and all books of accounts, registers, records and all other documents of whatever nature relating thereto;(b) all debts, liabilities and obligations of whatever kind of the said Committee subsisting immediately before the commencement of this Act shall, unless the Government otherwise directs, be the debts, liabilities and obligations of the Institute;(c) all officers and other employees of the staff of the said Committee shall be deemed to be officers and other employees of the Institute and shall hold office on the same terms and conditions as were enjoyed by them immediately before the commencement of this Act and shall continue to do so unless and until their remuneration or terms and conditions are duly altered by the Institute:Provided that the Government may alter their remuneration or terms and conditions of service whenever it deems fit so to do.