(1)On the abolition date all residuary property, rights and liabilities of ILEA shall vest in the London Residuary Body.
(2)In subsection (1) above “residuary property, rights and liabilities” means—
(a)any property for the vesting of which provision is not otherwise made by or under this Part; and
(b)subject to subsection (3) below, any rights and liabilities which are not transferred, extinguished or otherwise dealt with by any provision so made.
(3)This section shall not be construed—
(a)as continuing in force any contract of employment made by ILEA; or
(b)as imposing any liability on the London Residuary Body in respect of the termination of any such contract by the abolition of ILEA;
but the rights and liabilities to which this section applies shall include any rights and liabilities attributable to anything done or omitted under or in respect of such a contract before the abolition date except any liability to make a payment prohibited by section 173(3) of this Act.
(4)The Secretary of State may by order confer on the London Residuary Body any statutory functions which before the abolition date were exercisable by ILEA in relation to any property, rights or liabilities which are vested in that body by this section.
(5)Without prejudice to section 232(5) of this Act, the provision that may be made by an order under subsection (4) above includes provision amending any enactment or any instrument made under any enactment.