No fees received under the 1931 Act shall be credited to the Architects’ Registration Council Education Fund (“the Fund”) constituted under the M1Architects Registration (Amendment) Act 1969 (“the 1969 Act”).

The Board may transfer the assets of the Fund to such person and on such terms as may be approved by the Secretary of State.

A person to whom the assets of the Fund are transferred under subsection (2) shall apply the assets, and all income arising from the assets, for the purposes authorised in subsection (4) of section 1 of the 1969 Act (assuming for this purpose that the reference in that subsection to the Council were a reference to the person to whom the assets of the Fund are transferred).