All land in Wales which was acquired by or vested in any Minister of the Crown under an enactment specified in subsection (2) below and which is held (otherwise than as security for a loan) for the purposes of the [1972 c. 5.] Local Employment Act 1972 shall vest in the Agency, subject to all rights, liabilities and obligations relating to it.

The enactments mentioned in subsection (1) above are the Distribution of Industry Acts 1945 to 1958, the Local Employment Acts 1960 to 1971 and the [1972 c. 5.] Local Employment Act 1972.