(1) On the appointed day—
(a) all property and rights of the Church associations or of any of them vest in the Trust;
(b) all liabilities of the Church associations or of any of them become liabilities of the Trust;
(c) without limiting paragraph (a) or (b), the Trust is substituted as a party to any arrangement or contract entered into by or on behalf of the Church associations or of any of them as a party;
(d) the Trust is the successor in law of each Church association;
(e) the incorporation of each of the Church associations is cancelled.
(2) Any reference to a Church association in any document must be construed as a reference to the Trust, so far as it relates to any period on or after the appointed day and if not inconsistent with the context or subject-matter.