(1) With effect from the appointed day, the following are transferred to the Minister:
(a) all property (real and personal) and rights relating to such property held or enjoyed immediately before that day by the Board;
(b) all liabilities incurred before that day by the Board that had not been discharged before that day.
(2) Accordingly, without any further conveyance, transfer or assignment -
(a) property which falls within subsection (1) shall, on the appointed day, vest in the Minister for all the estate, term or interest for which, immediately before that day, it was vested in the Board, but subject to all trusts and equities affecting the property and capable of being performed,
(b) rights which fall within subsection (1) shall, on and from that day, be enjoyed by the Minister, and
(c) liabilities which fall within subsection (1) shall, on and from that day, be liabilities of the Minister.
(3) All moneys, stocks, shares and securities transferred to the Minister by this section
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