Section 22: Dissolution of the Incorporated Institute and transfer to the Institute of certain assets and liabilities.

(1) The Incorporated Institute and its Governing Board, by whatever name called, are hereby dissolved.
(2) Accordingly, 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 established by this Act and be held by it for the purposes of the Institute ; and
(b) subject to subsection (3) 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 established by this Act.
(3) The provisions or the Third 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.