If under this Part property, rights and liabilities of the State referred to in section 6.2.3(1) vest in or become property, rights and liabilities of the Academy—
(a) the property and rights vest in the Academy subject to the encumbrances (if any) to which they were subject immediately before so vesting; and
(b) the rights to which the State was entitled in respect of those liabilities immediately before they became liabilities of the Academy, vest in the Academy.
S. 6.2.6 inserted by No. 32/2021 s. 9.