4.—(1) On the transfer date–
(a)there shall be transferred to, and vested in, the governing body all property, rights, liabilities and obligations to which immediately before the transfer date the Board of Management was entitled or subject; and
(b)there shall be vested in the governing body all rights, liabilities and obligations occurring in respect of the College on or after the transfer date and before the transfer date.
(2) The vesting of property, rights, liabilities and obligations under this article shall have effect, notwithstanding–
(a)anything to the contrary in, or
(b)any condition relating to the transfer of such property, rights, liabilities or obligations contained in,
any enactment, rule of law or obligation.
(3) References to the Board of Management–
(a)in any agreement, deed, bond, instrument or notice;
(b)in any action or proceeding pending or existing at the transfer date by or against the Board of Management before any court or other tribunal; and
(c)in any other document whatsoever relating to or affecting any property, right, liability or obligation of the governing body which vests by virtue of this article in the governing body,
shall be taken on or after the transfer date as referring to the governing body.