3.—(1) There are hereby transferred to and vested in the University on the appointed day—
(a)all assets and liabilities to which The New University of Ulster was entitled or subject immediately before the appointed day;
(b)all assets and liabilities to which the Governors of the Ulster Polytechnic were entitled or subject immediately before the appointed day; and
(c)all land held or acquired, by the Department under the Ulster College Act (Northern Ireland) 1968 for the purposes for which the Governors of the Ulster Polytechnic were constituted, and all liabilities incurred by the Department in connection with such land immediately before the appointed day.
(2) Anything which, immediately before the appointed day, was in the process of being done by or in relation to—
(a)The New University of Ulster;
(b)the Governors of the Ulster Polytechnic; or
(c)the Department,
in connection with things transferred under paragraph (1) (including, in particular, any legal proceedings to which any of those bodies is a party), may be continued by or in relation to the University.
(3) Any reference to The New University of Ulster or the Governors of the Ulster Polytechnic in any document, made before the appointed day and relating to anything transferred under paragraph (1), shall be construed as a reference to the University in so far as is necessary for the purpose of or in consequence of that transfer.
(4) Any property to which this paragraph applies shall be held by the University, in accordance with its Charter, for the purpose of maintaining in Londonderry, as an integral part of the University, an institution to be known as Magee University College.
(5) The property to which paragraph (4) applies is any property vesting in the University under paragraph (1), which, immediately before the appointed day, was held by The New University of Ulster by virtue of section 1(1) of the Magee University College Londonderry Act (Northern Ireland) 1970.
(6) Any bequest, gift, trust or endowment in favour of or in relation to—
(a)The New University of Ulster;
(b)the Governors of the Ulster Polytechnic; or
(c)the Department, for the purposes of the Ulster Polytechnic,
shall on the appointed day be construed and have effect as if the University had been named or referred to therein instead of any of those bodies, whether the bequest, gift, trust or endowment is made, regulated or constituted by any will, scheme, order of court, deed or document or in any other manner.
(7) Paragraph (6) shall have effect whether the bequest, gift, trust or endowment is made or executed, or takes effect, before or after the appointed day.