8.—(1) The following property shall, on the reorganisation date, vest in the acquiring authority in relation to a transferred area —
(a)any property of the relinquishing authority in relation to that area which is identified in an agreement and in relation to which the acquiring authority is specified for the purposes of this paragraph; and
(b)any associated property in relation to such property (other than associated property specified in a notice under regulation 5(7)).
(2) Any rights or liabilities of the relinquishing authority in relation to a transferred area in respect of any associated property which, by virtue of paragraph (1) above, vests in the acquiring authority in relation to that area shall, on the reorganisation date, vest in that authority.
(3) Any rights or liabilities of the relinquishing authority in relation to a transferred area which are identified in an agreement and in relation to which the acquiring authority or, as the case may be, that authority and the relinquishing authority, are specified for the purposes of this paragraph shall, on the reorganisation date, vest in the acquiring authority or, as the case may be, in that authority and the relinquishing authority jointly and severally.
(4) During the period of six months beginning with the reorganisation date, the relinquishing authority and the acquiring authority in relation to a transferred area shall make agreements under this paragraph providing for —
(a)the transfer to the acquiring authority, or the retention by the relinquishing authority, of any property specified for the purposes of this paragraph in a notice under regulation 5(7); and
(b)either —
(i)the transfer to the acquiring authority, or to that authority and the relinquishing authority jointly and severally, of any rights or liabilities so specified; or
(ii)the retention by the relinquishing authority of any such rights or liabilities.
(5) Where an agreement under paragraph (4) above provides for the transfer of any property, rights or liabilities as mentioned in that paragraph, on such date as shall be specified in the agreement for the purposes of this paragraph —
(a)the property shall vest in the acquiring authority; and
(b)the rights and liabilities shall, according as the agreement provides, vest in that authority or that authority and the relinquishing authority jointly and severally.