(a) The Transferee shall be under an obligation to take over and absorb and retain with effect from 1st August, 1976 in its employment such staff, employees and assistants (hereinafter called "the said employees") of the Transferor or employed by the Transferor in relation to or in connection with the said banking business intended to be taken over or acquired by the Transferee as aforesaid who were permanent employees of the Transferor on the said date and on the same terms and conditions including the remuneration and wages and/or other lawful claims as were or are applicable or payable to them on the said date subject to the terms and conditions as contained in the Third Schedule hereto PROVIDED ALWAYS that such taking over or absorption of the staff and employees of the Transferor by the Transferee on the same terms and conditions as hereinbefore mentioned and/or also referred to or otherwise mentioned in the Third Schedule hereto shall not however be so construed as to include or extend to their or each of their rank and status.