Subject to subsection (2) below, any scheme, will, deed or other instrument, whether made or executed before, on or after the appointed day which contains any bequest, gift, trust or other benefit in favour of or connected with an existing body or the Institute shall, on and after the appointed day, be read and have effect as if Imperial College were named therein instead of that body.

Imperial College shall administer any bequest, gift, trust or other benefit referred to in subsection (1) above as nearly as may be for the purposes intended in the original scheme, will, deed or other instrument conferring such a benefit.

Without prejudice to subsection (1) above, any trustees who, immediately before the appointed day, had power, for all or any purposes relating to hospital services (including research) or to any other part of the health service associated with hospitals, to assist, support or otherwise benefit an existing body or the Institute, shall, on and from that day, have power to assist, support or otherwise benefit Imperial College as if it were a hospital for which those trustees were appointed.

In this section “the health service” and“hospital” have the same meaning as in the National Health Service Act 1977.