3. Further provisions as to schemes under section 2.
(1) A scheme under section 2 establishing a body corporate shall, without further assurance but subject where necessary to transfer in the books of any bank, corporation or company, and in the case of registered land, compliance with subsection (2), on the trusts which apply to the charity, vest in the body corporate, on and from the date specified therein as that on which the scheme is to come into operation (in this section referred to as the operative date), for all the estate, term or interest for which immediately before the operative date it was held in trust for the charity, the property of the charity together with all rights and liabilities enjoyed or incurred in connection therewith by the person or persons who immediately before the operative date held the property in trust for the charity.
(2) Where any land of which the ownership is registered under the Registration of Title Act, 1964, becomes vested by a scheme under this section, the registering authority under that Act shall, upon production of a copy under the seal of the Board of the scheme and upon payment of the appropriate fee, register the body corporate established by the scheme in the appropriate register maintained under that Act as owner (within the meaning of that Act) of the land.