Assets, Liabilities and Personnel.
Section 17
SEC. 17. Assets, Liabilities and Personnel. - All assets, real and personal and records of the DEBESMSCAT, as well as liabilities and obligations, are hereby transferred to the University. The positions, rights and security of tenure of faculty members and personnel therein employed under existing laws prior to the conversion into a University shall be respected. All parcels of land belonging to the government occupied by the DEBESMSCAT are hereby declared to be property of the University and shall be titled under its name: Provided, That should the University cease to exist or be abolished or should such parcels of land aforementioned be no longer needed by the University, the same shall revert to the Province of Masbate or the Republic of the Philippines, as the case may be.