(1) Until the death of the last surviving life tenant of the estate and the appointment of members of the Board and the payment conveyance and delivery to the Board of all real and personal property forming the said estate, all real and personal property of the estate not so paid conveyed and delivered to the Board shall remain vested in the Trustees who shall continue to exercise all the powers and discretions vested in them by the Will in respect thereof.
(2) Within one year after the death of the last surviving life tenant the Trustees shall pay, convey, and deliver to the Board all real and personal property forming the said estate, subject to all liabilities owing by the Trustees including all moneys for the time being owing under Mortgage No 725218 or any other mortgage charged upon the said land, and subject also to all easements affecting the same; and at the same time the Board shall give to the Trustees a release and discharge from all further liability and the Trustees shall thereupon be discharged from the office of Trustee:
Provided that, if any accounts of the Trustees shall not be approved by the Board, the Trustees shall have the right, within 3 months after the delivery of those accounts to make application to the High Court for a discharge from the trusteeship either unconditionally or subject to such conditions as the High Court may order:
Provided also that nothing in this Act shall be held to create any liability to fall on the Trustees on account of anything made, done, or omitted, by the Trustees for which the Trustees would not have been liable had this Act not been enacted:
Provided further that nothing herein contained shall be deemed to in any way prejudice any right to apply to the High Court for relief from any liability which would have been open to the Trustees in respect of anything made, done, or omitted by the Trustees had this Act not been enacted.
(3) All contracts made by the Trustees before and after the passing of this Act in the exercise of their powers under the Will and under this Act shall, on the assumption of office by the Board, be deemed to have been made by the Board.
(4) All debts and liabilities incurred by the Trustees before and after the passing of this Act in the exercise of their powers under the Will and under this Act shall, on the assumption of office by the Board, become the debts and liabilities of the Board.