All property, rights and liabilities to which the Arts and Humanities Research Board is entitled or subject immediately before the appointed day become, by virtue of this section, property, rights and liabilities of the Arts and Humanities Research Council on that day.

Where rights and liabilities under a contract of employment are transferred by virtue of subsection (1), the contract has effect from the appointed day as if originally made between the employee and the Council.

In this section “the appointed day” means the day appointed under section 52(2) for the commencement of this section.