All lands, rates, and other property which have been or been expressed to be conveyed, assigned, or assured by way of mortgage to the Admiralty or to trustees on behalf of the Admiralty, by any instrument in force at the time of the passing of this Act, shall by virtue of this Act continue to be or be vested in the Admiralty for the time being for the same estates, but subject to the equities of redemption subsisting in or affecting the same respectively ; and all lands, rates, and other property conveyed, assigned, or assured after the passing of this Act by way of mortgage to secure any moneys advanced by the Admiralty shall be conveyed, assigned, or assured to and vest in the Admiralty for the time being ; and all lands, rates, and other property vested in the Admiralty under this section shall go to and be held by the Lord High Admiral for the time being or the Commissioners for the time being for executing the office of Lord High Admiral in succession, in trust for Her Majesty, her heirs and successors, for the exclusive benefit of Greenwich Hospital.