Clause 3

all movable and immovable property vested in the Institute of Education (referred to in this section as the Institute) established under the repealed Institute of Education Act [Cap. 140] immediately before that date, including all assets, rights, interests, privileges, liabilities and obligations of the Institute, shall be transferred to and shall vest in the Nanyang Technological University established under the Nanyang Technological University Act [Cap. 192] without further assurance; and

any proceeding or cause of action pending or existing immediately before that date by or against the Institute may be continued and enforced by or against the Nanyang Technological University.