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(1)There shall be extinguished immediately before the appointed day—
(a)the reserve established by the Corporation under section 10 of the [1967 c. 32.] Development of Inventions Act 1967; and
(b)any liability of the Board to the Secretary of State in respect of the Board’s public dividend capital.
(2)Subsection (1)(b) above shall not operate to extinguish any liability of the Board under paragraph 5(3) or (3A) of Schedule 2 to the [1975 c. 68.] Industry Act 1975 which accrued before the appointed day.
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