Section 29: Transfer of rights, etc.

(1) Accordingly, the functions, rights, interests, obligations and liabilities of the Foundation, existing before commencement of this Act under any contract or instrument, or in law or in equity shall by virtue of this Act be deemed to have been assigned to and vested in the Institute.
(2) Any such contract or instrument mentioned in subsection (1) of this section shall be of the same force and effect against or in favour of the Institute established by this Act and shall be enforceable as fully and effectively as if instead of the conditions existing before the commencement of this Act, the Institute established by this Act had been named therein or had been a party thereto.