Section 7. Vesting of properties

7. Vesting of properties.— On and from the appointed day and subject to the other provisions of this Act, all properties which had vested in the Society immediately before that day, shall, on and from that day, vest in the Institute. 8. Effect of incorporation of Institute.— On and from the appointed day,— (a) any reference to the Society in any contract or other instrument shall be deemed as a reference to the Institute; (b) all the rights and liabilities of the Society shall be transferred to, and be the rights and liabilities of, the Institute; and (c) every person employed by the Society immediately before the appointed day shall hold office or service in the Institute by the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension, leave, gratuity, provident fund and other matters as he would have held the same if this Act had not been passed, and shall continue to be so unless and until his employment is terminated or until such tenure, remuneration and terms and conditions are duly altered by the Statutes: Provided that if the alteration so made is not acceptable to such employee, his employment may be terminated by the Institute in accordance with the terms of the contract with the employee or, if no provision is made therein in this behalf, on payment to him by the Institute of compensation equivalent to three months' remuneration in the case of permanent employees and one month's remuneration in the case of other employees. 9. Functions of Institute.— The Institute shall perform the following functions, namely: — (i) nurture and promote quality and excellence in education and research in the area of petroleum and hydrocarbons; (ii) provide for programmes and courses of instruction and research leading to the award of the Bachelors, Masters and Doctoral degrees in engineering and technology, management, sciences and arts in the area of petroleum and hydrocarbons; (iii) grant, subject to such conditions as the Institute may determine, degrees, diplomas, certificates or other academic distinctions or titles at various academic levels to candidates who have attained the prescribed standard of proficiency as judged on the basis of examination or on any other basis of testing and evaluation and to withdraw any such degrees, diplomas, certificates or other academic distinctions or titles for good and sufficient reasons; (iv) confer honorary degrees or other distinctions and to institute and award fellowships, scholarships, exhibitions, prizes and medals; (v) lay down standards of admission to the Institute through an examination or any other method of testing and evaluation; (vi) fix, demand and receive fees and other charges; (vii) manage the content, quality, design and continuous evaluation of its academic and research programmes in a manner that earns accreditation of an international stature; (viii) promote research and development for the benefit of oil, gas and petrochemical industry through the integration of teaching and research; (ix) foster close educational and research interaction through networking with national, regional and international players in the oil, gas and petrochemical industry; (x) co-operate with educational and research institutions in any part of the world having objects wholly or partly similar to those of the Institute by exchange of teachers and scholars, conduct of joint research, undertaking sponsored research and consultancy projects, etc; (xi) organise national and international symposia, seminars and conferences in the area of petroleum and hydrocarbons; (xii) establish, maintain and manage halls, residences and hostels for students; (xiii) create academic, administrative, technical and other posts and to make appointments thereto; (xiv) lay down conditions of service including a code of conduct for teachers and other categories of employees; (xv) supervise, control and regulate the discipline of all categories of employees of the Institute and to make arrangements for promoting their health and general welfare; (xvi) supervise and regulate the discipline of students and to make arrangements for promoting their health, general welfare and cultural and corporate life; (xvii) frame Statutes and Ordinances and to alter, modify or rescind the same; (xviii) deal with any property belonging to or vested in the Institute in such manner as the Institute may deem fit for advancing its objects; (xix) receive gifts, grants, donations or benefactions from the Central and State Governments and to receive bequests, donations, grants and transfers of movable or immovable properties from testators, donors, transferors, alumni, industry or any other person; (xx) borrow money for the purposes of the Institute with or without security of the property of the Institute; (xxi) integrate new technology in the classroom to encourage student-centric learning strategies and the development of an attitude for learning; (xxii) develop and maintain an information resource centre of print and non-print knowledge resources in the field of petroleum sector covering the entire hydrocarbon value chain as well as other related areas of science and technology; (xxiii) provide for further education to the working professionals and other employees of the Institute in the advanced areas of technology relating to oil, gas and complete hydrocarbon value chain; and (xxiv) do all things, not specifically covered above, as may be necessary, incidental or conducive to the attainment of all or any of the objects of the Institute.