7.—(1) Subject to the preceding provisions of this Order and to paragraph (2), on the transfer date—
(a)all rights and liabilities and any records of the Residuary Body relating to any function which by virtue of this Order or otherwise becomes or has become a function of Liverpool shall vest in Liverpool;
(b)all interests of the Residuary Body in the Mersey Barrage Company Limited and in Oyston Cable Communications Group Limited shall vest in Liverpool to be held for the benefit of all the local councils;
(c)all rights of the Residuary Body in relation to the Merseyside Innovation Centre Limited shall vest jointly in all the local councils;
(d)all rights and liabilities of the Residuary Body in relation to the Merseyside Enterprise Board shall vest jointly in all the local councils;
(e)all other rights and liabilities of the Residuary Body in relation to land shall vest in the local council; and
(f)all remaining rights, liabilities and records of the Residuary Body shall vest in Liverpool to be held for the benefit of, or discharged on behalf of, all the local councils.
(2) Paragraph (1) shall not apply to any right or liability of the Residuary Body in relation to—
(a)any contract of employment other than those mentioned in article 4(1); or
(b)the sum set aside under article 3(1).