56 Transitional agreements as to property and finance.E+W
(1)Any public bodies affected by the alteration, abolition or constitution of any area by this Act may make agreements with respect to any property, income, rights, liabilities or expenses (so far as affected by the alteration, abolition or constitution) of, and any financial relations between, the parties to the agreement.
(2)In subsection (1) “public body” does not include an old authority but does include a new principal council.
(3)Any such agreement may provide—
(a)for the transfer or retention of any property, rights or liabilities, with or without conditions, and for the joint use of any property;
(b)for the making of payments by either party to the agreement in respect of property, rights or liabilities so transferred or retained, or of such joint use, and in respect of the remuneration or compensation payable to any person; and
(c)for the making of any such payment either by way of a capital sum or of a terminable annuity.
(4)In default of agreement as to any disputed matter, the matter shall be referred to the arbitration of a single arbitrator—
(a)agreed on by the parties; or
(b)in default of agreement, appointed by the Secretary of State.
(5)The award of the arbitrator may make any provision which may be included in an agreement under this section.
(6)In subsection (4) “disputed matter” means any matter—
(a)which might be dealt with in an agreement under this section;
(b)which is the subject of an unresolved dispute between two or more public bodies; and
(c)for the resolution of which no provision is otherwise made.