(1) All real and personal property whatsoever held by the former Boards or any of them is hereby vested without conveyance, transfer, or assignment in the Council, subject to all debts, liabilities, encumbrances, charges, liens, and interests (if any) affecting the same; and the Council shall take over and satisfy all debts and liabilities of the former Boards existing immediately before the commencement of this section and shall hold the said real and personal property for the same estate or interest and upon the same trusts and with the same functions, rights, powers, duties, and obligations as the former Boards held such property immediately before the commencement of this section; and all documents executed, all engagements entered into, or liabilities assumed or payments made or other acts of authority which have been made, performed, or done, by any of the former Boards shall be deemed to be made, performed, or done by the Council, and shall be binding upon the Council.
(2) The Council is hereby empowered to accept, at the request of the Standing Committee of the Diocese, and to administer any charitable trust for social work in the Diocese, other than those imposed upon it by virtue of subsection one of this section.
(3) Any real or personal property which would hereafter, but for the passing of this Act, become vested in any of the former Boards shall become vested in the Council, and any will, deed, conveyance, transfer, assignment, or other instrument whereby any real or personal property is transferred, given, devised, bequeathed, or otherwise disposed of to or for the benefit of any of the former Boards shall be read and construed as if the name of the Council were substituted therein for the name of the Board; but the Council shall hold the said property on the same trusts, with the same functions, rights, powers, duties, and obligations, as those upon which that Board would have held the same.
(4) Any real or personal property which becomes vested in the Council otherwise than by virtue of subsections one and three of this section shall, in the absence of any effective stipulation to the contrary in any will, deed, conveyance, transfer, assignment, or other instrument, be held by the Council upon trust for the objects of the Council and in accordance with the rules of the Council.