33. (1) Upon the constitution of the Institute under section 3, the Cost and Industrial Accountants Act, 1966 (XIV of 1966), hereinafter referred to as the said Act, shall stand repealed. (2) Upon the repeal of the said Act,-(a) the dissolved Institute and the Council of the dissolved Institute constituted under the said Act shall stand dissolved:Provided that persons who were honorary office bearers and other members of the Council of the dissolved Institute and functioning immediately before the repeal of the said Act shall, until such time as the Council is constituted under section 9, be the honorary office bearers and other members and perform the functions of, and be deemed to be, the Council constituted under this Ordinance;(b) all assets, rights, powers, authorities and privileges and all properties, both movable and immovable, cash and bank balances, funds of the dissolved Institute and all other interests and rights in, or arising out of, such property shall stand transferred to, and vested in, the Institute;(c) all debts, liabilities and obligations of whatever kind of the dissolved Institute subsisting immediately before its dissolution shall, unless the Government otherwise directs, be the debts, liabilities and obligations of the Institute;(d) all suits and other legal proceedings instituted by or against the dissolved Institute before its dissolution shall be deemed to have been instituted by or against the Institute;(e) services of all officers and employees of the dissolved Institute shall, notwithstanding anything contained in any contract or agreement or in the terms and conditions of service, stand transferred to the Institute and they shall be deemed to be officers and employees of the Institute appointed by it on the same terms and conditions of service as were applicable to them in the dissolved Institute unless such terms and conditions are altered, not being to their disadvantage, by the Institute;(f) any certificate of practice or other document granted or made under the said Act and in force immediately before the commencement of this Ordinance shall be deemed to have been granted or made under the corresponding provisions of this Ordinance.