4Vesting of property

4 Vesting of property

4 Vesting of property

(1) All property real or personal vested in or held by or on behalf of the trustees of the unincorporated body known as the McGarvie Smith Institute is hereby transferred to and vested in the body corporate and the trustees of the said unincorporated body are hereby divested of all such property of which they are seised or possessed as such trustees, and all property held by the trustee of the will of the late John McGarvie Smith in trust for the McGarvie Smith Institute but subject to any life estates or interests shall be held by the said trustees subject to the said estates or interests in trust for the body corporate.

(2) The body corporate shall be entitled to the benefit of all contracts entered into by the trustees of the said unincorporated body and to carry the same into effect and to sue upon the said contracts as if they had been entered into by the body corporate.