(1)The responsibility for the collection at the Tate Gallery shall on the date of the coming into operation of this Act pass from the National Gallery Trustees to the Tate Gallery Trustees and the Tate Gallery Trustees shall thereafter be independent of the National Gallery Trustees.
(2)There shall vest in the Tate Gallery Trustees all the pictures and other works of art which on the said date form part of the collection at the Tate Gallery and which immediately before that date were vested in the National Gallery Trustees.
(3)The Tate Gallery Trustees shall have the like powers and duties in relation to the pictures and other works of art vested in them by the foregoing provisions of this section as apart from those provisions would have been exercisable by and incumbent upon the National Gallery Trustees.