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The Greater London Council (Transfer of Land and Housing Accommodation) Order 1983
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13.—(1) The transferee shall—
(a)from the relevant date assume liability for all repayment of principal, interest and management expenses relating to the loan debt outstanding at that date on the transferred properties (including the cost of the land) and due to the consolidated loans fund of the Council;
(b)from the date on which payment is made or costs incurred under article 6, assume a similar liability in respect of any loan debt incurred by the Council after the relevant date in meeting the liabilities created by that article;
(2) The liabilities arising under this article shall be discharged by payments to the Council of such amounts and at such times in each year as shall be agreed between the Council and the transferee.
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