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4. (1) All property, rights and liabilities to which ARINI is entitled or subject immediately before the appointed day shall on that day be transferred to, and by virtue of this sub-paragraph vest in, the Institute.N.I.
(2) Sub-paragraph (1)—
(a)has effect in relation to property, rights or liabilities to which it applies in spite of any provision (of whatever nature) which would prevent or restrict the transfer of the property, rights or liabilities otherwise than by that sub-paragraph; but
(b)does not apply to rights and liabilities under a contract of employment (which are dealt with by paragraph 5).
(3) The following sub-paragraphs apply in relation to property, rights and liabilities transferred to the Institute under sub-paragraph (1).
(4) In the construction and for the purposes of any statutory provision or other document passed or made before the appointed day, any reference to, or which is to be construed as a reference to, ARINI shall, so far as may be necessary for the purposes of this paragraph, be construed as a reference to the Institute.
(5) Nothing in this paragraph affects the validity of anything done by, or in relation to, ARINI before the appointed day.
(6) Anything which before the appointed day was done by or in relation to ARINI shall, if in effect immediately before that day, continue to have effect to the same extent and subject to the same provisions as if it had been done by, or in relation to, the Institute.
(7) Anything (including any legal proceedings) in the process of being done by or in relation to ARINI immediately before the appointed day may be continued by or in relation to the Institute.
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