Transfer of loans
2.—(1) On 1st April 1992 part of the liability of the LRB to the Public Works Loan Board in respect of the payment of interest and the repayment of principal outstanding immediately before that date attributable to the loans listed in Schedule 2 to this Order shall transfer to and fall to be discharged by the councils listed in Schedule 1 to this Order in the manner described in paragraphs (2) to (4) below.
(2) Each council shall be liable for the repayment of the appropriate percentage of principal outstanding in relation to each loan.
(3) Each council shall discharge that part of the liability apportioned to it at the time and in the manner applicable to the loan in question.
(4) Each council shall pay to the Public Works Loan Board interest on that part of the liability which falls to be discharged by it at the rate and time and in the manner applicable to the loan in question.