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(1)The Secretary of State shall by order designate such new principal councils in relation to such areas in Wales as he considers appropriate for the purposes of this section.
(2)Any property which, immediately before the commencement of this section, is vested in an old authority and is required to be applied in accordance with a scheme shall be vested in such designated new principal council as the Secretary of State may by order specify.
(3)Where, by virtue of this section, property is vested in a designated council whose designated area does not comprise the whole of the area of the old authority in question, the designated council shall transfer an apportioned part of the property to any other designated council whose designated area includes part of the area of the old authority.
(4)The terms of any apportionment made for the purposes of subsection (3)—
(a)shall be agreed between the designated councils concerned, or
(b)if they fail to agree, shall be determined by arbitration before a single arbitrator appointed—
(i)by agreement between those councils, or
(ii)if they fail to agree, by the Secretary of State.
(5)The vesting or transfer of any property by virtue of this section shall not affect—
(a)the application of the property in accordance with the scheme which is applicable to it immediately before the commencement of this section, or
(b)the amendment or revocation of any scheme by a further scheme.
(6)In this section—
“designated” means designated by order under subsection (1); and
“scheme” means a scheme under section 19 of the [1914 c. 91.] Welsh Church Act 1914 (application of Welsh Church funds for charitable or eleemosynary purposes).