Transfers of residual property etc.
11.—(1) This paragraph applies to—
(a)property of an old authority consisting of cash or investments;
(b)rights or liabilities of an old authority in respect of such property;
(c)rights or liabilities of an old authority in respect of money borrowed by that authority; and
(d)any other property, rights or liabilities of an old authority which are not vested by virtue of any other provision of this Part.
(2) All the property, rights or liabilities to which paragraph (1) applies, shall, subject to articles 12, 13, 16, 17 and 19 to 22, vest in the designated authority.