Clause 12

On the appointed day, such property, rights and liabilities comprised in the undertaking of the predecessor university as may be determined by the Minister and agreed to by the Minister for Finance shall, by virtue of this section and without further assurance, act or deed, be transferred to and vest in the university company.

Any property which by any scheme, will or other instrument or otherwise was held upon trust for any specific foundation or object of the predecessor university and which has been transferred to or vests in the university company by virtue of subsection (1) shall, after such transfer or vesting, be held upon trust for and applied as far as possible to the like foundation or object of the university company.

Any property which was held upon any trust and which has been transferred to or vests in the university company by virtue of subsection (1) shall, after such transfer or vesting, be held upon the same trust.

If any question arises as to whether any particular property, right or liability has been transferred to or vested in the university company under subsection (1), a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.

Any immovable property to be transferred to and vested in the university company under subsection (1) shall be held by the university company upon such tenure and subject to such terms and conditions as the President may determine.

All proceedings by or against the predecessor university which are commenced before the appointed day and which are pending on that day may be continued, completed and enforced by or against the university company on and after that day.

Every agreement relating to any of the transferred properties to which the predecessor university was a party immediately before the appointed day, whether or not of such nature that the rights and liabilities thereunder can be assigned, shall have effect on and after that day as if —