11Further provisions as to schemes under s. 10.N.I.
(1)A scheme under section 10—
(a)shall operate, as from the date of the scheme and without further assurance, to vest, upon the trusts which apply to the charity in the body corporate established by the scheme, the property belonging to the charity together with all rights and liabilities enjoyed or incurred in connection therewith by all or any of the persons (in this section referred to as “the transferors” ) who immediately before the making of the scheme held any of that property upon those trusts; and
(b)shall be deemed for the purposes of the registration of the scheme in any registry to be a conveyance of the trust property by the transferors to the body corporate established by the scheme.
(2)Upon the making of a scheme under section 10—
(a)all moneys, stocks, shares and securities vested by the scheme which on the date of making of the scheme are standing in the books of any corporation or company or are entered on any register kept in pursuance of any enactment shall on request made by or on behalf of the body corporate established by the scheme be transferred into the name of that body;
(b)all debts and liabilities incurred by the transferors in connection with the trust property or the administration of the charitable trusts and owing immediately before the making of the scheme (whether then due or in future to become due certainly or contingently) shall become and be the debts and liabilities of the body corporate established by the scheme;
(c)all contracts and agreements made by the transferors in connection with the trust property or the administration of the charitable trusts and not fully executed and completed before the making of the scheme shall continue in force but shall be construed and have effect with the substitution of the body corporate established by the scheme for the transferors; and
(d)in every action, prosecution or other proceeding in respect of the trust property or arising on or in connection with its administration which is pending immediately before the making of the scheme and to which the transferors are a party, the body corporate established by the scheme shall become and be a party in the place of the transferors and the action, prosecution or other proceeding shall continue accordingly.