Assets, Liabilities and Personnel.
Section 17
SEC. 17. Assets, Liabilities and Personnel. – All assets, real and personal, personnel, and records of the BISCAST, as well as liabilities or obligations, are hereby transferred to the University: Provided, That 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: Provided, further, That the incumbents of the positions shall remain in the same status until otherwise provided by the Board: Provided, finally, That the University shall also accordingly upgrade or increase its human resource components as may be deemed appropriate by the Board. All parcels of land belonging to the government occupied by the BISCAST are hereby declared to be the 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 aforementioned parcels of land be no longer needed by the University, the same shall revert to the concerned LGU or to the Republic of the Philippines, as the case may be.