The Merseyside Residuary Body (Winding Up) Order 1989

Transfer of property, etc

2.—(1) On the transfer date—

(a) all interests of the Residuary Body in land which is the subject of an agreement for its disposal or option for its purchase shall vest in Liverpool;

(b) all interests of the Residuary Body in the land described in Column 1 of the Schedule to this Order shall vest in the authority specified in Column 2; and

(c) subject to paragraph (2), all other interests of the Residuary Body in land shall vest in the local council.

(2) The interests of the Residuary Body in Metropolitan House, Old Hall Street, Liverpool shall not transfer under paragraph (1)(c).

(3) Subject to paragraph (4), all rights and liabilities of the Residuary Body acquired or incurred in connection with, and all records relating exclusively to, any interests in land transferred by paragraph (1) shall vest in the council or authority to which such interests are so transferred.

(4) Where prior to the transfer date the Residuary Body has disposed of any property subject to a covenant that the Residuary Body shall receive a proportion of any subsequent increased development value, the benefit of that covenant shall vest in Liverpool.

(5) In each financial year commencing with the financial year beginning 1st April 1989 Liverpool shall pay to each of the other local councils the appropriate proportion of—

(a) an amount equal to Liverpool’s net revenue receipts from any interest in land or benefit vested by paragraphs (1)(a) or (4); and

(b) an amount equal to Liverpool’s net capital receipts in respect of any interest so vested or the disposal of any such interest so vested.

(6) In the preceding paragraph,—

(a) “net revenue receipts” means revenue receipts in the year in question after deducting the aggregate amount of expenditure incurred by Liverpool in that year in connection with interests in land vested by paragraph (1)(a); and

(b) “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 Liverpool.