Section 5: Transfer to Institute of certain property, etc.

(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 Institute and be held by it for the purposes of the Institute; and
(b) the Association shall cease to exist; and
(c) subject to the next succeeding subsection, 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, and 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.]