(1) The assets, rights and properties held by or on behalf of the Kwame Nkrumah University of Science and Technology School of Mines and the Western University College, Tarkwa of the Kwame Nkrumah University of Science and Technology in existence immediately before the coming into force of this Act and all persons employed for or by the Kwame Nkrumah University of Science and Technology School of Mines and the Western University College, Tarkwa of the Kwame Nkrumah University of Science and Technology are by this section transferred to the University of Mines and Technology, Tarkwa established under section 1 of this Act.

(2) The obligations and liabilities subsisting against the Kwame Nkrumah University of Science and Technology School of Mines and the Western University College, Tarkwa of the Kwame Nkrumah University of Science and Technology immediately before the coming into force of this Act shall on the coming into force of this Act subsist between the University established under this Act and the party concerned.