New Towns Act 1981

2 (1) Any such order as aforesaid may, if the Secretary of State sees fit, except from the transfer to the Commission—

(a) any books, papers, or documents of the corporation,

(b) any property (including in particular any trade or business) which the corporation have agreed to transfer to some person other than the Commission, together with the corporation's rights, liabilities and obligations under that agreement, and any other rights, liabilities or obligations which it is necessary for the corporation to retain in order to give effect to that agreement,

(c) such other property as the Secretary of State thinks expedient for the purpose of enabling the corporation to discharge any functions remaining to it,

and may provide for the disposal of any property so excepted and of any property received by the corporation after the transfer date under any such agreement or otherwise.

(2) Any expenses of the corporation on or after the transfer date, so far as not defrayed out of any such property as is mentioned in sub-paragraph (1) above, shall be defrayed by the Commission.