Section 17: Transfer to the Institute of certain property.

(1) On the appointed day:
(a) all property held immediately before that day by or on behalf of the association shall by virtue of this subsection and without further assurance; vest in the Council and held by it for the purpose of the Institute ;
(b) the existing Association opting for this Charter shall cease to exist ;
(c) subject to the next succeeding subsection; any act, matter or thing made or done by the associations shall cease to have effect.
(2) The provision of Second Schedule to this Act shall have effect with respect to, and matters arising from the transfer by this section to the Institute of the property of the associations and with respect to other matters mentioned in that schedule.