Section 17. All the assets, fixed and movable, personnel and records of the Rizal State College and its extension campuses in Angono, Binangonan, Pililla and Rodriguez, the Rizal Polytechnic College and its extension campus in Cainta and the Rizal Technological University — Antipolo Annex as well as liabilities or obligations, are hereby transferred to the University of Rizal System: Provided, That the positions, rights and security of tenure of personnel therein employed under existing laws prior to absorption by the University are not impaired: Provided, further, That the incumbents of the positions shall remain in the same status until otherwise provided for by the Board. All parcels of land belonging to the government, occupied by the Rizal State College and its extension campuses in Angono, Binangonan, Pililla and Rodriguez, the Rizal Polytechnic College and its extension campus in Cainta and the Rizal Technological University —

Antipolo Annex shall be declared the property of the University of Rizal System and shall be titled under that name: Provided, furthermore, That should the University cease to exist or be abolished or such parcels of land aforementioned be no longer needed by the University, the same shall be transferred to the Province of Rizal. However, the provincial government of Rizal can only utilize such land (or its equivalent monetary values) for higher education purposes as mentioned in this Act.