5.—(1) Where an interest in land vests by virtue of article 2 in any council, any property in or on the land, being property held by the LRB for the purposes of any of its functions, shall vest in that council.
(2) Paragraph (1) above applies–
(a)to property used or intended to be used exclusively for the discharge of functions on any land, and which is kept elsewhere when not in use;
(b)to vehicles and other mobile equipment which are normally kept on any land; and
(c)to property which is normally kept in or on land and which is immediately before the transfer date on loan from the LRB to another person or body,
as it applies to property in or on that land.
(3) The reference in paragraph (1) above to the vesting of any property shall be construed as including a reference to the vesting of rights and liabilities of the LRB in respect of any agreement for the hire or use by, or deposit with, the LRB of any such property.
(4) On the transfer date all records held by the LRB relating exclusively to property transferred by this article shall vest in the council to which such property is so transferred.
(5) Any vehicle licence, operator’s licence, road service licence, plating certificate or other document issued in respect of any vehicle the property in which is transferred by this article shall have effect as if it had been issued to the council to whom property in such vehicle is transferred (“the transferee”) and any reference to the LRB or ILEA in any registration book or other document issued in respect of such a vehicle shall have effect as a reference to the transferee.