(1)On 1st April 1965 there shall vest in the Greater London Council all land which immediately before that date was held by the London county council for the purposes of their functions as a local authority under the Housing Act 1957.
(2)On 1st April 1965 there shall vest in the council of each London borough all land which immediately before that date was held for the purposes of functions as such a local authority as aforesaid—
(a)by any council to whom section 3(1)(b) of this Act applies whose area falls wholly within that London borough;
(b)in the case of land within the London borough, by the Chigwell urban district council.
(3)The Minister shall if so requested by both the parties concerned, or if so requested by one of those parties may after consultation with the other of those parties, or if he thinks fit after consultation with both parties may without any such request, by order provide for the transfer—
(a)from or to the Greater London Council to or from any London borough council or the Common Council of any land for the time being held by the council in question for the purpose of development or redevelopment as housing accommodation; or
(b)from the Greater London Council or the council of a London borough to the local authority (not being the Greater London Council) for the purposes of the Housing Act 1957 or to a housing association of any housing accommodation for the time being vested in that council, being, in the case of the council of a London borough, housing accommodation outside that borough;
and any such order shall include such terms as may have been agreed between the two parties concerned or, in default of such agreement, determined by the Minister and provision for arbitration as to the value of the property transferred ; and in the case of an order made by virtue of paragraph (b) of this subsection—
(i)the said terms may include the retention by the transferor of a right to nominate tenants to the transferred accommodation and, where such a right is retained, provision for the payment of contributions by the transferor to 'the transferee; and
(ii)the order shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(4)The Greater London Council shall submit to the Minister by such date, if any, as the Minister may at any time after 1st April 1965 require and in any event by not later than 1st April 1970 a programme for any transfers of housing accommodation vested in that Council such as are mentioned in subsection (3)(b) of this section which they propose to make and have not yet made; and the Minister may at any time after 1st April 1965 require any London borough council to submit a similar programme for such transfers of accommodation vested in them.
(5)References in this section to land or housing accommodation shall be construed as including references to any other property held in connection therewith and any rights or liabilities attaching thereto.
(6)Any contributions which the Greater London Council carry to the credit of their Housing Revenue Account under paragraph 1(5) or (6) of Schedule 5 to the Housing (Financial Provisions) Act 1958 for the year 1965-66 shall be treated as expenditure for special London purposes and be chargeable only on the inner London boroughs, the City and the Temples ; and so much of any such contributions for the years hereinafter mentioned shall be treated and chargeable as aforesaid as is necessary to ensure that the amounts in the pound required to be levied for special London purposes and for general London purposes respectively by way of rates in respect of those contributions are as near as may be in the following proportions, that is to say—
(a)for the year 1966-67, six to one ;
(b)for the year 1967-68, five to two ;
(c)for the year 1968-69, four to three ;
(d)for the year 1969-70, three to four;
(e)for the year 1970-71, two to five ;
(f)for the year 1971-72, one to six ;
and so much of paragraph 5 of the said Schedule 5 as authorises the Greater London Council to apply any surplus shown in their Housing Revenue Account at the end of a financial year towards making good to their general fund any such contributions as aforesaid for earlier years shall not apply to contributions for any year earlier than 1972-73.