Clause 5

all the assets and movable and immovable property of every description and all the powers, rights and privileges in connection therewith or appertaining thereto which immediately before the date of the coming into operation of this Act were vested in the Society shall forthwith vest in the Council without further assurance;

all liabilities and obligations of the Society which may have existed immediately prior to the date of the coming into operation of this Act shall be transferred to and vest in the Council; and

every officer of the Society shall be deemed to hold a corresponding appointment in the Council, subject to any provision that may subsequently be made.