On and from the appointed date-
(a) the control and management of the institutions which were transferred by executive order with effect from March 1, 1921 from the State Government to the Lucknow University, together with the control and management of all properties and assets pertaining thereto which were in existence at the time of the said transfer, together with any accretions and accessories thereto shall stand transferred from Lucknow University and vest in the University;
(b) all properties and assets pertaining to the said institutions, whether acquired or created out of grants from the State Government or otherwise, including any cash balances held by the Lucknow University in the names of the institutions or on their account, whether in deposit, with any bank or otherwise, shall stand transferred from the Lucknow University to and vest in, the University;
(c) subject to the provisions of section 5, all rights, powers and privileges, duties, debts, liabilities and obligations of the Lucknow University, contractual or otherwise, arising or accrued or incurred in relation to the affairs of any of the institutions shall stand transferred to the University;
(d) any doubt or difference in regard to whether any asset or liability stands transferred under the foregoing clauses shall be referred to the State Government, whose decision thereon shall be final;
(e) all references in any will, deed or other documents, whether made or executed before or after the appointed date, which contains any bequest, gift, endowment or trust in favour of the Lucknow University for the purposes of any of the institutions, shall be construed as if the [King George’s Medical University, Uttar Pradesh] was therein named instead of the Lucknow University.