General transfer of land, rights and liabilities to the inner London councils3
1
Subject to the provisions of this Order, all land held and used otherwise than temporarily, and rights or liabilities in relation to such land acquired or incurred, by ILEA exclusively for or in connection with its LEA functions shall vest in the appropriate inner London council.
2
Subject to article 4, any other land held by ILEA, including land—
a
held for investment;
b
which is the subject of any agreement for disposal by ILEA, or of a resolution by ILEA or any committee or sub-committee of ILEA to the effect that the land is surplus to ILEA’s requirements and should be disposed of; or
c
which is specified in Schedule 1,
shall not vest as aforesaid.
3
In this article, “appropriate inner London council” means the inner London council in whose area the land is situated.
4
Paragraph (1) does not apply to land forming part of a hereditament situated partly in the area of an inner London council and partly in the area of one or more other bodies (whether or not inner London councils) unless that land is held or used for the purposes of a school, in which case it shall have effect as if the land were situated entirely in the area of the inner London council designated in relation to the school by an order made under section 166 of the Act.