12(a)On and after the appointed day any gift in favour of Queen’s College shall have effect as if the University of Dundee had been named as the beneficiary therein, whether such gift is regulated by any scheme will or other instrument, or in any other manner and whether made or executed or taking effect before or on or after the appointed day.U.K.
(b)Any gift in favour of the University of St. Andrews which was regulated after 31st July 1953 and before the appointed day by any scheme will or other instrument, or in any other manner and which takes effect on or after the appointed day shall, in the absence of specific directions in the governing instrument as to the proportion in which Queen’s College was to benefit therefrom, be deemed to be a gift in favour of the University of St. Andrews and the University of Dundee equally; and any fund which is created by or under any such gift and which, in terms of the governing instrument, would have vested in the University Court, shall be divided equally and one half shall vest in the University Court and the other in the University of Dundee, to be held and administered for the purposes of the gift.
(c)If the governing instrument of any such gift specifies the proportions in which the United College and St. Mary’s College on the one hand and Queen’s College on the other are to benefit therefrom the gift shall be deemed to be a gift in favour of the University of St. Andrews and the University of Dundee in those proportions; and any fund which is created by or under any such gift and which, in terms of the governing instrument, would have vested in the University Court, shall be divided in the same proportions and the two parts shall vest in the University Court and the University of Dundee respectively, to be held and administered for the purposes of the gift.
(d)Any reference in this paragraph to a gift shall include a reference to a bequest or trust.