2. As from the date of promulgation of this Ordinance, the institution heretofore known as the Chittagong Muslim Institute and the Musafirkhana with attached Mosque together with the lands described in the Schedule to this Ordinance and all buildings and other erections standing or being thereon with all fixtures and fittings and all movable properties, funds, moneys, rights and powers which, immediately before the commencement of this Ordinance, were vested in, or held by, the Chittagong Muslim Institute Committee, shall be transferred to, and shall be vested in and held by, the Government free from all encumbrances and without payment of any compensation whatsoever.