Transitory Provision.
Section 20
SEC. 20. Transitory Provision. — To provide continuity in the operations of the Council, the incumbent officials and employees of the FDFPI and the FRB shall, in a holdover capacity, continue to perform their respective duties and responsibilities and shall receive their corresponding salaries and benefits until such time that the organization of the Council shall have been completed. The transition period shall not exceed six (6) months after the effectivity of this Act. All officials and employees of the FDFPI and FRB shall be deemed resigned from services upon the organization of the Council: Provided, That the officials and employees who shall be laid off shall be given preferential treatment in appointments to new positions to which they may qualify under the new staffing pattern: Provided, finally, That those who shall not be given new appointments shall be entitled to all compensation and benefits due them under existing laws. All books, assets, rights, privileges, records, obligations and liabilities of the FDFPI and the FRB are hereby transferred to the Council.