PART IIIVESTING OF PROPERTY ETC. WHERE THERE IS MORE THAN ONE SUCCESSOR AUTHORITY

Transfers of residual property etc.11

1

This paragraph applies to—

a

property of an old authority consisting of cash or investments;

b

rights or liabilities of an old authority in respect of such property;

c

rights or liabilities of an old authority in respect of money borrowed by that authority; and

d

any other property, rights or liabilities of an old authority which are not vested by virtue of any other provision of this Part.

2

All the property, rights or liabilities to which paragraph (1) applies, shall, subject to articles 12, 13, 16, 17 and 19 to 22, vest in the designated authority.