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Such of the following as immediately before the appointed day belonged to or were vested in or exercisable by the College—
(a)all property, real and personal, of every description (including things in action), and
(b)all rights, privileges and functions,
shall on the appointed day, without any conveyance, transfer, assignment or other instrument, be transferred to and vested in, or be exercisable by, the Institution for all the estate and interest therein of the College.
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