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(1) Subject to this Act, property which at the commencement of this Act, was vested in the Council or was in any other manner held on behalf of, or for the purposes of, the University, is by virtue of this Act vested in or held on behalf of, or for the purpose of the University established under this Act.

(2) A contract entered into by the University Council shall have effect as if entered into by the University and obligations subsisting against the Council shall subsist between the Council under this Act and that other person.

(3) Until the date of the first meeting of the Council, the Council of the University of Ghana established under the University of Ghana Act, 1961 (Act 79) shall continue in office until the end of the term of that Council and shall have and exercise the functions conferred by this Act on the Council and any act lawfully made or done by the Council before the commencement of this Act shall have effect as if done by the Council.