Section 2 Transfer of functions and property.

On the appointed day Queen Anne’s Bounty and the Ecclesiastical Commissioners (hereafter in this Measure referred to as “the constituent authorities”) shall be dissolved and—

(a)

all functions, rights and privileges of either of them shall be transferred to, and become functions, rights and privileges of, the Commissioners;

(b)

all property vested in either of them shall be transferred to, and shall by virtue of this section and without any conveyance, assignment, transfer or other assurance vest in, the Commissioners: and

(c)

all property held in trust for either of them shall be held in trust for the Commissioners:

Provided that a vesting of property by virtue of paragraph (b) of this section shall not affect any previously existing trust or mortgage or other charge affecting the property, or any previously existing lease or tenancy thereof.