(1)In relation to universities and colleges to which the last preceding section applies, the Act of 1925 shall have effect subject to the further exceptions and modifications specified in Part II of Schedule 1 to this Act (being exceptions and modifications relating to the receipt and application of capital money).
(2)Where at the commencement of this Act any capital money belonging to a university or college to which the last preceding section applies is held by the Minister of Agriculture, Fisheries and Food, that Minister shall pay or transfer it to that university or college, or to a person designated for the purpose by that university or college.
(3)Any capital money which in pursuance of the last preceding subsection is paid or transferred to a university or college, or to a person designated by a university or college, shall be held by that university or college, or by that person, as the case may be, on the like trusts (if any) and subject to the like provisions (whether having effect by virtue of an enactment or otherwise) as the capital money so paid or transferred would have been subject to if it had continued to be held as mentioned in the last preceding subsection.
(4)Any stamp duty payable on, or other expenses of or incidental to, the payment or transfer of any capital money in pursuance of this section shall be paid by the university or college to whom the capital money belongs.
(5)The provisions of Schedule 2 to this Act shall have effect with respect to sinking funds.
(6)In this section " capital money" includes any property representing capital money, and " property " includes any investment, any estate or interest in real or personal property, any negotiable instrument, debt or other chose in action and any other right or interest whether in possession or not; and for the purposes of this section capital money shall be taken to belong to a university or college if it is held on behalf of that university or college, whether for the general purposes thereof or for any special endowment or other special purpose connected with that university or college.