The Greater Manchester Residuary Body (Winding Up) Order 1989

Transfer of property, etc.

2.—(1) Subject to article 3, on the transfer date—

(a) all interests of the Residuary Body in any immovable property which—

(i) is the subject of an agreement for its disposal or option for its purchase; or

(ii) was occupied by the Crown Prosecution Service on 31st March 1989,

shall vest in Stockport;

(b) all interests of the Residuary Body in the offices at Third Floor, The Royal Exchange, Cross Street, Manchester and all of their movable property shall vest in Stockport;

(c) all interests of the Residuary Body in part of Lawns Wood, Wigan Road, Crooke registered at Her Majesty’s Land Registry under title number GM159574 shall vest in Stockport;

(d) all other immovable property of the Residuary Body shall vest in the local council; and

(e) all interests of the Residuary Body in respect of any mortgage granted in pursuance of section 132 of the Housing Act 1985(1) shall vest in the local council.

(2) Subject to paragraphs (3) and (4) below, all rights and liabilities of the Residuary Body acquired or incurred in connection with, and all records relating exclusively to property transferred by paragraph (1) shall vest in the council to which it is so transferred.

(3) Any right of the Residuary Body to receive grants or subsidies from the Exchequer or from the European Commission shall, insofar as it relates to property transferred by paragraph (1), vest in Stockport.

(4) Any liability of the Residuary Body to repay such grants or subsidies as are mentioned in paragraph (3) shall vest in Stockport, except where the liability to repay is associated with property which is by paragraph (1) transferred to another local council, in which case the liability to repay shall vest in that other local council.

(5) In each financial year commencing with the financial year beginning 1st April 1989 Stockport shall pay to each of the other local councils the appropriate proportion of an amount equal to Stockport’s net revenue receipts from any interest vested by paragraph (1)(a), (b) and (c), and net capital receipts from the disposal of any such interest so vested.

(6) In the preceding paragraph, “net revenue receipts” means revenue receipts in the year in question after deducting the aggregate amount of expenditure incurred by Stockport in that year in connection with interests vested by paragraph (1)(a), (b) or (c); and “net capital receipts” means capital receipts in the year in question after deducting any amount by which net revenue receipts are a negative amount.

(7) The balance of the net capital and revenue receipts shall be retained by Stockport.

(1)

1985 c. 68.