3. On the commencement of this Ordinance, -(a) the Management Committee, by whatever name called, hereinafter referred to as the said Committee, managing the affairs and business of the mosque, known as the Shahi Jame Masjid, Anderkilla, Chittagong, hereinafter referred to as the Shahi Jame Masjid shall stand dissolved;(b) all assets, rights, powers, authorities and privileges, and all properties, movable and immovable, cash and bank balances and investments and all other rights and interests in, or arising out of, such property of the said Committee shall stand transferred to, and vest in, the Islamic Foundation established under the Islamic Foundation Act, 1975 (XVІІ of 1975), hereinafter referred to as the Foundation ;(c) all debts, liabilities and obligations incurred, contracts entered into, rights acquired and all matters and things engaged to be done by, with or for the said Committee before such commencement, shall be deemed to have been incurred, entered into, acquired or engaged to be done by, with or for the Foundation;(d) all employees of the said Committee shall stand transferred to the Foundation and shall serve the Foundation on the same terms and conditions as were applicable to them before such commencement till they are altered by the Foundation;(e) all suits and other legal proceedings instituted by or against the said Committee before such commencement shall be deemed to be suits and proceedings by or against the Foundation and shall be proceeded or otherwise dealt with accordingly.