Section 19: Transfer to the institute of certain property, etc.

(1) On the commencement of this Act-
(a) all property held on immediately before that day by or on behalf of the former institute 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 ;
(b) the former institute shall cease to exist; and
(c) subject to subsection (2) any act, matter or thing made or done by the former institute shall continue 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 former institute, and with respect to the other matters mentioned in that Schedule.