Clause 12

As from 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.

Notwithstanding section 145 of the Land Titles Act (Cap. 157), it shall not be necessary for the university company to make any application to the Registrar of Titles to enter in the land-register a memorial of the vesting in favour of the university company of all mortgages or charges of registered land comprised in the undertakings transferred to and vested in the university company under this Act.

Section 56(1) of the Land Titles Act shall not apply to any instrument executed by the university company purporting to dispose of, or to create an interest in, mortgages or charges of registered land comprised in the undertakings transferred to and vested in the university company under this Act and shall not prevent the registration of any such instrument executed by the university company, notwithstanding that the university company may not be named as the proprietor or proprietors of the registered land in the land-register at the time of the registration of such instrument.

Notwithstanding section 4 of the Registration of Deeds Act (Cap. 269), it shall not be necessary for the university company to register the vesting in favour of the university company of all mortgages or charges of unregistered land comprised in the undertakings transferred to and vested in the university company under this Act, and the production of a Government Printer’s copy of this Act and such evidence of publication of the appointed day in the Gazette under section 1 shall be admissible in any court as evidence of the university company’s interest in such land.

For the purposes of the Land Titles Act and the Registration of Deeds Act, all caveats or memoranda of charge claiming an interest in land as mortgagee or chargee lodged by the predecessor university and subsisting as at the appointed day shall be construed and have effect on and after that day as if every reference therein to the predecessor university were substituted with a reference to the university company.

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 —