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

(1) On the commencement of this Act-
(a) all assets and liabilities held or incurred immediately before that day by or on behalf of the Incorporated Institute shall by virtue of this Act and without further assurance, vest in the Institute and be held by it for the purposes of the Institute;
(b) the Incorporated Institute shall cease to exist; and
(c) subject to subsection (2) of this section, any act or thing made or done by the Incorporated Institute shall be deemed to have been made or done by the Institute
(2)
The provision 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 Incorporated Institute and with respect to the other matters mentioned therein.
[Second Schedule]