48. Dissolution of Actuarial Society of India.—On the appointed day,—
(a) the Society known as the Actuarial Society of India registered under the Societies Registration
Act, 1860 (21 of 1860) and the Bombay Public Trusts Act, 1950 (Bombay Act XXXIX of 1950) shall
stand dissolved and thereafter no person shall make, assert or take any claims or demands or
proceedings against the dissolved society or against any officer thereof in his capacity as such officer
except in so far as may be necessary, for enforcing the provisions of this Act;
17
(b) the right of every member to, or in respect of, the dissolved society shall be extinguished, and
thereafter no member of the society shall make, assert or take any claims or demands or proceedings in
respect of that society except as provided in this Act.
49. Provisions respecting employees of dissolved society.—(1) Every person employed in the
dissolved society and continuing in its employment immediately before the commencement of this Act
shall, as from such commencement, become an employee of the Institute, shall hold his office or service
therein by the same tenure and upon the same terms and conditions and with the same rights and
privileges as to retirement benefits as he would have held the same under the dissolved society if this Act
had not been passed, and shall, continue to do so unless and until his employment in the Institute is
terminated or until his remuneration, terms and conditions of employment are duly altered by the
Institute.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947) or in any
other law for the time being in force, the transfer of the services of any employee of the dissolved society
to the Institute shall not entitle any such employee to any compensation under that Act or other law, and
no such claims shall be entertained by any court, tribunal or other authority.