5Transfer of property, etc

All property, real and personal, of every description (including things in action) and all rights and privileges of an existing body or of the Institute which immediately before the appointed day belonged to or were vested in or exercisable by that body shall on the appointed day, without any conveyance, transfer, assignment or other instrument, be transferred to and vested in, or be exercisable by, Imperial College for all the estate and interest therein of that body.