Transfer of certain functions and rights, etc.
31. Upon the establishment of the Corporation under section 3,-
(a) the functions to be performed by the Corporation under section 6 shall not be performed by the Bangladesh Oil and Gas Corporation, also called PETROBANGLA except to the extent covered specifically by any production sharing agreement or contract existing immediately before the commencement of this Ordinance;
(b) subject to clause (a), all rights, liabilities and obligations of the Government or PETROBANGLA which, whether arising out of any contract or otherwise, were acquired or incurred by it for any of the purposes referred to in section 6 before the date of the establishment of the Corporation, shall be deemed to have been acquired or incurred by the Corporation and shall be the rights, liabilities and obligations respectively of the Corporation;
(c) the assets and shares, undertakings and liabilities vested in the Government and enumerated in the Schedule shall stand transferred to, and vest in, the Corporation;
(d) the services of such officers and other employees, as may be agreed upon between the Corporation and the PETROBANGLA, shall be transferred to the Corporation on the same terms and conditions of service as were applicable to them immediately before the establishment of the Corporation:
Provided that the Corporation may vary or alter any condition of service of such officers or employees subject to its being not to their disadvantage.