Section 19: Transfer to the Association of certain assets and liabilities

(1) On the commencement of this Act-
(a) all assets and liabilities held or incurred immediately before that day by or on behalf of the Incorporated Association shall, by virtue of this Act and without further assurance, vest in the Association and be held by it for the purposes of the Association;
(b) the Incorporated Association shall cease to exist; and
(c) subject to subsection (2) of this section, any act or thing made or done by the Incorporated Association shall be deemed to have been made or done by the Association.
(2)
The provision of the Third Schedule to this Act shall have effect with respect to matters arising from the transfer by this section to the Association, of the property of the Incorporated Association and with respect to the other matters mentioned therein.
[Third Schedule.]