(1)On the appointed day—
(a)the Common and all other property which immediately before that date was the property of the Churchwardens and was used or held in connection with the Common; and
(b)all rights and liabilities of the Churchwardens subsisting immediately before that date which were acquired or incurred in connection with the Common,
are transferred to and vest in the Trust free of any trusts established under the 1777 Act.
(2)Whilst the Common is in its ownership—
(a)the Trust must remain a charity;
(b)the objects of the Trust must include the primary objects.
(3)From the appointed day the Churchwardens shall not be liable for any act, event, failure to act or omission so far as the act, event, failure to act or omission relates to the Common and occured before the appointed day.
(4)Where the transfer and vesting of the Common or any part of the Common effected by subsection (1) is a registrable disposition under the Land Registration Act 2002, the Trust must apply to the Chief Land Registrar for registration in the register of title of a restriction to reflect section 12(2).