5Transfer of property, etc

(1)All property, real and personal, of every description (including things in action) and all rights and privileges of the Schools which immediately before the appointed day belonged to or were vested in or exercisable by the Schools shall on the appointed day, subject to the provisions of this Act, without any conveyance, transfer, assignme nt or other instrument, be transferred to and vested in, or be exercisable by, the College for all the estate and interest therein of the Schools.

(2)Any property which by any scheme, deed, will or other instrument or otherwise is held upon trust for any specific foundation or object of the Schools or of King’s College School of Medicine and Dentistry shall, on and after the appointed day, be held upon trust for and applied, so far as is possible, to the same foundation or object of the C ollege:

(3)Subject to the provisions of subsection (2) above, any property held by the Schools upon or subject to any trust or trusts shall be held by the College upon or subject to the trust or trusts upon or subject to which that property was held by the Schools previously to the appointed day.

(4)Without prejudice to the general effect of subsection (1) above, the property of the Schools transferred to the College by that subsection shall include such interests as the Schools may have in the freehold or leasehold properties and other interests in property specified in Part I of Schedule 1 to this Act and the trust funds specified in P art II of that Schedule.