(1) All real and personal property that, immediately before the commencement of this Act, was vested in the federation or the Music Teachers Registration Board established under section 3 of the Music Teachers Registration Act 1928 (in this section referred to as the former board) shall on that date vest in the institute subject to all charges and trusts affecting that property.
(2) All liabilities, contracts, and engagements, and all rights and authorities of any nature whatever, of the federation or the former board shall, on that date, become liabilities, contracts, engagements, rights, and authorities of the institute.
(3) All proceedings pending by or against the federation or the former board may be carried on, completed, and enforced by or against the institute.
(4) All money that was or would have been payable to the federation or the former board shall become payable to the institute.
(5) Subject to subsection (7), the District Land Registrar, on receiving a written request from the institute under its seal, incorporating a reference to this section, shall make such entries in his registers and on any outstanding documents of title and generally do all such things as may be necessary to give effect to the provisions of subsection (1) in respect of land and interests in land specified in the request.
(6) All references to the federation or the former board in any security or other document whatever which is subsisting immediately before the date of commencement of this section, or in any notice or other communication served, given, or sent before, on, or after that date in relation to any such security or other document shall, unless the context otherwise requires, be read as references to the institute.
(7) No Registrar of Deeds or District Land Registrar or any other person charged with the keeping of any books or registers shall be obliged, solely by the provisions of this section, to change the name of the federation or the former board to that of the institute in his books or registers or in any document in his charge; but the presentation to any such registrar or other person of any instrument—
shall, in the absence of proof to the contrary, be sufficient evidence that the property is vested in the institute.
(8) Except as provided in subsections (5) and (7), nothing in this section shall derogate from the provisions of the Land Transfer Act 1952.