8Vesting of property in Trust on the appointed day

8 Vesting of property in Trust on the appointed day

8 Vesting of property in Trust on the appointed day

(1) This section applies to any property that was, immediately before the appointed day:

(a) vested in the Company, or

(b) vested in any person in trust for the St. Shenouda Coptic Orthodox Monastery.

(2) On the appointed day, property to which this section applies is divested from the Company in which it was vested, or from the person in whom it was vested on trust, and is, to the extent that it was so vested, vested (without conveyance) in the Trust.

(3) The vesting of the property in the Trust does not affect:

(a) any reservation, mortgage, charge, encumbrance, lien or lease that affected the property, or

(b) any trust on which the property was held,

immediately before the vesting of the property.

(4) No attornment to the Trust by a lessee of land vested in the Trust by this section is necessary.

(5) The vesting of property by this section is not a dutiable transaction for the purposes of the Duties Act 1997.

(6) A dutiable transaction within the meaning of the Duties Act 1997, or an instrument that effects or evidences a dutiable transaction and that occurs or is executed or registered only for:

(a) a purpose ancillary to, or consequential on, the operation of this section, or

(b) the purpose of giving effect to this section,

is not chargeable with duty under the Duties Act 1997.