All moneys lying, on the day immediately preceding the date of commencement of this Act, to the credit of the Fund of the Parliamentary Scholarship Board, shall with effect from the date of coming into operation of this Act, stand transferred to the Consolidated Fund.
(2)
Any property, movable or immovable which has been vested in or purchased or acquired by or leased to or placed at the disposal of the Parliamentary Scholarship Board or in the possession or control of such Board and subsisting on the day immediately preceding the date of coming into operation of this Act shall, subject to any terms and conditions attaching to such property, be deemed, with effect from the date of commencement of this Act, to have been purchased or acquired by or leased to or placed at the disposal of or in the possession or control of the Parliament.