(1) All property of every kind whatsoever, vested in the University of the West Indies or any other Institution on behalf of the Regional Research Centre immediately before the date of the entry into force of the Agreement in accordance with Article 20 thereof, shall on such date by virtue of this Act and without further assurance vest in the Institute.
(2) All rights, privileges, advantages, liabilities and obligations that were enjoyed by or imposed upon the University of the West Indies on behalf of the Regional Research Centre immediately before the date of the entry into force of the Agreement in accordance with Article 20 thereof shall on such date be conferred upon the Institute for the purposes of the Agreement.