(1) On the appointed day, the Lady Hardinge Medical College and Hospital together with--
(a) all lands, on which the Lady Hardinge Medical College and Hospital stands, and all other lands appurtenant thereto and all buildings, erections and fixtures on such lands;
(b) all furniture, equipments, stores, apparatuses and appliances, drugs, moneys and other assets of the Lady Hardinge Medical College and Hospital;
(c) all other properties and assets, movable and immovable including leases pertaining to the Lady Hardinge Medical College and Hospital, whether vested in the Treasurer of the Board of Administration or in any other person; and all rights, powers, authorities and privileges, cash balances, reserve funds, investments and all other rights and interests in, or in relation to, or arising out of, such property as were, immediately before the appointed day, in the ownership, possession, power or control of the Treasurer or the Board of Administration or any other person in charge of the management of the affairs of the Lady Hardinge Medical College and Hospital; and
(d) all borrowings made by, or on behalf of, and all other liabilities and obligations of whatever kind, incurred in relation to, the Lady Hardinge Medical College and Hospital, and subsisting on the appointed day,
shall stand transferred to, and shall vest absolutely in, the Central Government.
(2) Every deed of gift, endowment, bequest or trust or other document in relation to all or any of the properties, and assets, referred to in sub-section (1), shall, as from the appointed day, be construed as if it were made or executed in favour of the Central Government.
(3) Subject to the other provisions contained in this Act, any property, referred to in sub-section (1), which, by virtue of the provisions of that sub-section, has vested in the Central Government, shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and other incumbrances affecting it, and any attachment, injunction or any decree or order of any court or tribunal restricting the use of such property in any manner shall be deemed to have been withdrawn.
(4) Subject to the other provisions contained in this Act, any proceeding or cause of action, pending or existing immediately before the appointed day, by or against the Treasurer or the Board of Administration or any other person, in relation to the Lady Hardinge Medical College and Hospital, may, as from the appointed day, be continued and enforced by or against the Central Government as it might have been enforced by or against the Treasurer or the Board of Administration or such other person if this Act had not been enacted, and shall cease to be enforceable by or against the Treasurer or the Board of Administration or such other person.