At any time before the dissolution date, the corporation may transfer any of their property, rights or liabilities to such person or body, or a person or body of such description, as may be prescribed by regulations made by the appropriate authority.

The corporation may do so only with the consent of the person or body concerned.

A transfer under subsection (1) has effect on the dissolution date.

Subsection (5) applies if a person or body prescribed, or of a description prescribed, under subsection (1) is not a charity established for charitable purposes which are exclusively educational purposes.

Any property transferred to the person or body must be transferred on trust to be used for charitable purposes which are exclusively educational purposes.

In this section, “the appropriate authority” has the meaning given in section 27.