10.—(1) With any functions transferred by this Order to the transferee there shall, on the appointed day, be transferred to him, without further assurance, all property, rights and liabilities to which the transferor is entitled or subject in connection with those functions immediately before the appointed day.
(2) The transferee may give such directions extending or restricting the operation of paragraph (1) as he may consider expedient—
(a)for the purpose of making minor adjustments of the property, rights and liabilities transferred by virtue of that paragraph;
(b)for the purpose of removing uncertainty as to the application of that paragraph to any property, rights or liabilities;
and a direction under this paragraph may in particular provide for dividing or apportioning any property, rights or liabilities between the transferor and the transferee.
(3) Subject to paragraph (4), a certificate issued by the transferee to the effect that any property of the transferor which is specified in the certificate was, or was not, transferred to him by virtue of paragraph (1), or that any rights or liabilities of the transferor so specified were, or were not, so transferred shall be conclusive evidence of the matters stated in the certificate.
(4) The issue of a certificate under paragraph (3) shall not prevent a subsequent direction being given under paragraph (2) in relation to any property, rights or liabilities to which the certificate refers.
(5) A direction shall not be given under paragraph (2) after the end of the period of two years beginning with the appointed day.
(6) In the application of this Article to a transferee other than the Secretary of State, any reference to property shall be omitted.