5.— (1) The Pharmaceutical Society of Ireland constituted and incorporated by section 4 of the Pharmacy (Ireland) Act 1875 (in this Act referred to as “the old Society”) is hereby dissolved.

(2) There is hereby established in its place a body to be known as Cumann Cógaiseoirí na hÉireann, or, in the English language, “The Pharmaceutical Society of Ireland” (in this Act referred to as “the Society”).

(3) Every registered pharmacist is a member of the Society.

(4) All rights, property and liabilities of the old Society are transferred to the Society.

(5) The Society becomes the employer of all persons who immediately before the dissolution of the old Society were its employees and shall employ each of them on terms and conditions not less favourable than those then applicable to the employee.

(6) In—

(a) any proceedings in a court or tribunal, and

(b) any contract or other agreement,

to which the old Society is a party, the Society is substituted for the old Society.

(7) References to the old Society which—

(a) occur in any enactment passed or made before this Act is passed, and

(b) relate to anything which becomes the responsibility of the Society by virtue of this Act,

are to be construed as references to the Society.

(8) Anything done by, on behalf of or in respect of the old Society which relates to anything which becomes the responsibility of the Society by virtue of this Act shall be treated as if done by, on behalf of or in respect of the Society.

(9) Enactments are to be construed and applied, so far as it is possible to do so, in a way which achieves continuity between the functions of the old Society and, so far as they correspond, those of the Society.

(10) Stamp duty is not chargeable on an instrument under which any property owned by the old Society is transferred to the Society.

(11) For the purposes of the Capital Gains Tax Acts (within the meaning of section 1 of the Taxes Consolidation Act 1997), any gain accruing to the old Society on a disposal made by virtue of this section shall not be a chargeable gain.