Section 7: Transfer to the Institute of certain properties, etc.

(1) As from the commencement of this Act-
(a) all assets and liabilities held or incurred immediately before the commencement date, by or on behalf of the Incorporated Institute shall vest in the Institute and be held by it for the purpose of the Institute;
(b) the Incorporated Institute shall cease to exist; and
(c) subject to subsection (2) of this section, any act, matter or thing made or done by the Incorporated Institute shall be deemed to have been done by the Institute.
(2) The provisions of Second Schedule to this Act shall have effect with respect to the matters arising from their transfer by this section to the Institute of the properties of the Incorporated Institute and with respect to other matters mentioned in that Schedule.