2.—(1) The functions of the Lord President under the enactments listed in Part I of Schedule 1 to this Order are hereby transferred to the Chancellor.
(2) The functions of the Lord President in relation to the institutions listed in Part II of that Schedule are hereby transferred to the Chancellor.
(3) The functions under the deed of 27th February 1981 concerning the Royal Opera House Development Land Trust which were transferred to the Lord President by the Transfer of Functions (Royal Opera House Development Land Trust) Order 1983 are hereby transferred to the Chancellor.