22Residuary bodies
(1)The Secretary of State may by order establish one or more bodies (“residuary bodies”), which shall be bodies corporate, for the purpose of taking over any property, rights or liabilities, and any related functions, of local authorities which cease to exist by virtue of orders under section 17 above.
(2)An order under subsection (1) above may—
(a)make provision with respect to the constitution and membership of a residuary body;
(b)make provision with respect to the powers of a residuary body to make levies and to borrow and lend money and the treatment and distribution of capital and other money by such a body;
(c)make provision with respect to the keeping and auditing of accounts of a residuary body;
(d)make provision with respect to directions which may be given by the Secretary of State in relation to the carrying out by a residuary body of any of its functions;
(e)make provision for enabling the Secretary of State to require a residuary body to submit to him a scheme for the winding up of the body and the disposal of its property, rights and liabilities and related functions; and
(f)without prejudice to the generality of paragraphs (a) to (e) above, make any such provision with respect to a residuary body as was made by Part VII of the [1985 c. 51.] Local Government Act 1985 with respect to the residuary bodies established by that Part.
(3)The Secretary of State may by order provide—
(a)for the transfer to any other body or bodies (including any body or bodies corporate established under the order for the purpose) of any property, rights or liabilities, and any related functions, of a residuary body; and
(b)for giving effect (with or without modifications) to any scheme submitted to him under a provision made by virtue of subsection (2)(e) above and for the dissolution of a residuary body.
(4)The power to make an order under any of the preceding provisions of this section shall include power to make such incidental, consequential, transitional or supplementary provision as the Secretary of State thinks necessary or expedient.