2.—(1) On 1st April 2002 the trust property, and any rights and liabilities arising from that property(1), shall be transferred from the old Trust to the new Trust.
(2) In any trust instrument relating to the trust property, any reference to the name by which the trustees of the trust property are to be known shall be construed as a reference to the new Trust and any reference to the old Trust in the name by which the charitable trust governing the trust property is to be known shall be construed as a reference to the new Trust.
See section 96(1) of the 1977 Act as amended by paragraph 29 of Schedule 4 to the 1999 Act which makes supplementary provision regarding transfers of property under section 92 of that Act.