All rights and liabilities of the London Residuary Body arising in connection with the duty of the Secretary of State under any enactment mentioned in paragraph (2) to pay contributions or subsidies towards arrangements between the Greater London Council and any housing association for the provision or conversion of any building or dwelling shall on 1st April 1988 vest in the relevant council.

The enactments referred to in paragraph (1) are—

• sections 12 and 15 of the Housing (Financial Provisions) Act 19582;

• section 12 of the Housing Subsidies Act 19673, and

• section 21 of the Housing Act 19694.