3.—(1) There shall be established a body to be known as the Arts Council of Northern Ireland.
(2) The Schedule shall have effect in relation to the Arts Council.
(3) All assets and liabilities to which the former Council is entitled or subject immediately before the coming into operation of this Order shall be transferred to, and by virtue of this Article vest in, the Arts Council.
(4) Stamp duty shall not be chargeable in respect of the transfer effected by this Article.
(5) In this Article “the former Council” means the company limited by guarantee and registered under the Companies (Northern Ireland) Order 1986(1) under the name of the Arts Council of Northern Ireland 1994.