From and after the passing of this Act the Governors of Nelson College for the time being, and their successors, shall be and become Trustees of the lands, tenements, and hereditaments, comprised in the before recited Crown Grant in the place and stead of the Trustees of the Nelson Trust Funds, upon the like Trusts, intents and purposes, and with, under, and subject to such and the same powers as are expressed and contained respecting the said Trust estate in the above recited Crown Grant save and except as hereinafter expressed.