The Urban Development Corporations in England (Transfer of Property, Rights and Liabilities) (Commission for the New Towns) Order 1998

Transfer of property, rights and liabilities to Commission

2.—(1) Subject to paragraph (2) below, any property, rights and liabilities vested in a Corporation on the commencement date are hereby transferred to the Commission on that date.

(2) Paragraph (1) above shall not apply to any property, rights or liabilities of a Corporation—

(a) which are proposed to be transferred under section 165 or 165A of the 1980 Act(1); or

(b) which the Corporation has notified in writing to the Commission, at least 14 days before the commencement date, as property, rights and liabilities which it thinks necessary or expedient to retain for the purpose of preparing its final accounts and report and winding up its affairs.

(3) Any property, rights and liabilities remaining vested in a Corporation immediately before the dissolution date shall hereby be transferred to the Commission on that date.

(4) In this article “the dissolution date”, in relation to a Corporation, means the date on which the Corporation is dissolved by order under section 166 of the 1980 Act(2).

(1)

Section 165 was amended by section 180 of, and Schedule 22 to, the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28) (“the 1993 Act”) and by section 143(3) of the 1996 Act; section 165A was inserted by section 180(2) of the 1993 Act and was amended by section 143(4) of the 1996 Act.

(2)

It is proposed that the Corporations will be dissolved on 1st July 1998.