Transfer to university company of property, rights and liabilities
s 12
12.—(1) As from 1 April 2006, such property, rights and liabilities comprised in the undertaking of the predecessor university determined by the Minister and agreed to by the Minister for Finance are, by virtue of this section and without further assurance, act or deed, transferred to and vested in the university company. (2) 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) must, after the transfer or vesting, be held upon trust for and applied as far as possible to the like foundation or object of the university company. (3) 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) must, after the transfer or vesting, be held upon the same trust. (4) 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 is conclusive evidence that the property, right or liability was or was not so transferred or vested. (5) Any immovable property to be transferred to and vested in the university company under subsection (1) must be held by the university company upon the tenure and subject to the terms and conditions determined by the President. (6) Despite section 145 of the Land Titles Act 1993, it is not 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. (7) Section 56(1) of the Land Titles Act 1993 does 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 does not prevent the registration of any such instrument executed by the university company, even though 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 that instrument. (8) Despite section 4 of the Registration of Deeds Act 1988, it is not 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 is admissible in any court as evidence of the university company’s interest in that land. (9) For the purposes of the Land Titles Act 1993 and the Registration of Deeds Act 1988, all caveats or memoranda of charge claiming an interest in land as mortgagee or chargee lodged by the predecessor university and subsisting as at 1 April 2006 are construed and have effect on and after that date as if every reference in them to the predecessor university were substituted with a reference to the university company. (10) All proceedings by or against the predecessor university which were commenced before 1 April 2006 and which are pending on that date may be continued, completed and enforced by or against the university company on and after that date. (11) Every agreement relating to any of the transferred properties to which the predecessor university was a party immediately before 1 April 2006, whether or not of a nature that the rights and liabilities under the agreement can be assigned, has effect on and after that date as if —(a) the university company had been a party to the agreement; and (b) every reference in the agreement to the predecessor university were substituted in respect of anything to be done on or after that date, with a reference to the university company.