(1)This section applies where the appointment of the person appointed under section 11 of this Act to levy tolls comes to an end after the transfer date.
(2)Subject to the following provisions of this section and section 15 of this Act, on the termination of the appointment there are transferred to the Secretary of State by virtue of this section—
(a)all movable property belonging to the person appointed immediately before termination—
(i)which was transferred to that person under section 7 of this Act; or
(ii)which, immediately before termination, was property which was normally kept anywhere within the crossing;
(b)all assets of the person appointed of a description within subsection (3) below which fall in accordance with the contract under which he was appointed to be transferred to the Secretary of State on termination of the appointment in the circumstances in which it has in fact terminated; and
(c)all rights and liabilities of the person appointed subsisting immediately before termination which—
(i)were acquired or incurred by that person for the purposes of or in connection with the exercise of any relevant functions; or
(ii)arose from that person’s occupation of the crossing;
and the property so transferred vests, by virtue of this section, in the Secretary of State.
(3)The assets referred to in subsection (2)(b) above are—
(a)assets representing revenue produced by the tolls and other revenue of the person appointed; and
(b)the unexpended balances of any loan funds raised by the person appointed for the purposes of or in connection with the exercise of any relevant functions.
In paragraph (b) above “loan funds” means funds raised by borrowing or by the issue of loan stock.
(4)Subsection (2)(c) above does not apply in relation to rights and liabilities in respect of loans, loan stock and loan charges.
(5)Where the appointment terminates at the end of the period allowed under section 16 of this Act for the levy of tolls by the person appointed, any right or liability of that person under any contract (not being a contract of employment) entered into by him for or in connection with the collection of tolls is not transferred by virtue of this section unless it is acquired or incurred in respect of things done or omitted before termination.
(6)Parts II and III of Schedule 5 to this Act shall have effect for making in connection with the operation of this section provision relating to employees and former employees of the person appointed.