Article 9 Property and assets

Subject to the provisions of this section, any property and assets which immediately before Independence Day are vested in Her Majesty or in the Governor of the Gilbert Islands, for the purposes of the Government of the Gilbert Islands, shall, as from that day, vest in the Republic.

Any property which, immediately before Independence Day, is liable to escheat or to be forfeited to Her Majesty for the purposes of the Government of the Gilbert Islands, shall, as from that day, be liable to escheat or to be forfeited to the Republic.

Where, immediately before Independence Day, any person holds any property or assets in trust for Her Majesty or for the Governor of the Gilbert Islands for the purposes of the Government of the Gilbert Islands, that person shall, as from that day, hold such property or assets on the like trust for the Republic.