4.—(1) All property, rights, liabilities and obligations of the transferor are transferred to and vested in the transferee.
(2) Any references to the original College or the transferor in any instrument (other than the codicil dated 12th September 1911 to the trust disposition and settlement dated the 24th October 1894 of the late Andrew Grant) are to be construed as a reference to the University or the transferee respectively.
(3) Any action or proceeding by or against the transferor pending or current immediately before this Order comes into force may be continued by or against the transferee.
(4) For the purposes of this article “instrument” does not include enactment.