s 12 Transfer to university company of property, rights and liabilities
12.—(1) On 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) 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. (7) 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.