Where an instrument of amalgamation or transfer takes effect, the property held—
for the benefit of any of the amalgamating unions, or for the benefit of a branch of any of those unions, by the trustees of the union or branch, or
for the benefit of the transferor trade union, or for the benefit of a branch of the transferor trade union, by the trustees of the union or branch,
shall without any conveyance, assignment or assignation vest, on the instrument taking effect, or on the appointment of the appropriate trustees, whichever is the later, in the appropriate trustees.
In the case of property to be held for the benefit of a branch of the amalgamated union, or of the transferee union, "the appropriate trustees" means the trustees of that branch, unless the rules of the amalgamated or transferee union provide that the property to be so held is to be held by the trustees of the union.
In any other case "the appropriate trustees" means the trustees of the amalgamated or transferee union.
This section does not apply—
to property excepted from the operation of this section by the instrument of amalgamation or transfer, or
to stocks and securities in the public funds of the United Kingdom or Northern Ireland.