On 29 July 1955 the institute received its own Royal Charter incorporating it as a university college under the name "Manchester College of Science and Technology", and became separately funded by the University Grants Committee. The process of independence from the city was completed on 1 August 1956 when the Manchester Corporation transferred the assets of the "Manchester Municipal College of Technology" to the new college, with the Principal of the municipal college becoming the first Principal of the university college on the same day.