Section 12: Transfer to the Institute of certain property.

(1) All property held immediately before the commencement of this Act by or on behalf of the Institute shall, by virtue of this section, vest in the Institute and the Incorporated Institute shall cease to exist.
(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 mentioned in that Schedule. [Second Schedule ]