1Subject to paragraph 3 below, the Secretary of State and the Council concerned or, in the case of property or liabilities acquired or incurred by the Councils jointly, the Secretary of State and both the Councils may agree, on such terms as they think fit—
(a)that any property or liabilities (except loans and loan charges) acquired or incurred by that Council, or by the Councils jointly, for the purposes of any of their functions in relation to the tunnel crossing or the tunnel approaches, other than property or liabilities otherwise transferred by virtue of section 6 or 7 of this Act, shall be transferred to him; or
(b)that any property or liabilities transferred to the Secretary of State by virtue of section 6 shall be transferred back to the transferor.