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4.—(1) This article applies to—
(a)the rights and liabilities transferred to the residuary body by article 5(1) of the 1986 Order; and
(b)subject to paragraph (2) all other rights and liabilities acquired or incurred by the residuary body relating to—
(i)the property transferred by article 4 of the 1986 Order, or
(ii)any other property of a description specified in Schedule 1 to the 1986 Order whether such property was in existence before the coming into force of that Order or otherwise,
so far, in each case, as subsisting immediately before the operative date.
(2) There are excluded from paragraph (1)(b), and thus from the application of this article—
(a)all rights and liabilities under a contract of employment; and
(b)all rights and liabilities of the residuary body under an agreement dated the 27th day of March 1986 and made between that body and the Secretary of State.
(3) All the rights and liabilities to which this article applies shall vest in the Secretary of State.
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