Section 29: Transfer of assets and liabilities.

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