(1)All property, rights and liabilities transferred by this Act or any scheme made thereunder (other than the cash and investments mentioned in section two of this Act) shall vest in the persons to whom they are so transferred (in this section referred to as “the transferees”) by virtue of this Act and without further assurance.
(2)Where any property, right or liability vests by virtue of this Act, the transferees and all other persons shall, as from the date of the vesting, have the same rights, powers and remedies for ascertaining, perfecting or enforcing the property, right or liability as would have been the case if the property, right or liability had at all times been vested in the transferees; and any legal proceedings relating to any such property, right or liability which are pending on that date by or against the body or person from whom the property, right or liability is transferred by the vesting may be continued, to the exclusion of the last-mentioned body or person, by or against the transferees.
(3)The Minister may make regulations providing for the registration of the title of the transferees to property vesting in them by virtue of this Act, being property of a kind subject to provision for the registration of title thereto, and for any matters for which provision appears to the Minister to be necessary or expedient for the purpose of securing the effective transfer of any property so vesting.
(4)Except as otherwise expressly provided therein, all property or rightstransferred by section seven or section eight of this Act shall vestin the transferees subject to any trusts or agreement applicablethereto immediately before the appointed day.