Section 5: Transfer to the Institute of certain assets and liabilities

(1) On the commencement of this Act —
(a) all property held immediately before that day by or on behalf of the Association shall, by virtue of this subsection, vests in the Institute and be held by it for the purpose of the Institute;
(b) the Association shall cease to exist; and
(c) subject to subsection (2), any act, matter or thing made or done by the Association shall cease to have effect.
(2) The provisions of the Second Schedule to this Act shall have effect with respect to matters arising from the transfer by this section to the Institute, of the property of the Association and, with respect to the other matters mentioned in that Schedule. [Second Schedule]