6.—(1) There are transferred to the Managing Authority all property, rights and liabilities to which an agency is entitled or subject by virtue of the exercise of the functions entrusted to it by the relevant instrument.
(2) There are transferred to the Greater London Authority all property, rights and liabilities to which the London Development Agency is entitled or subject by virtue of the exercise of the functions entrusted to it by the London Regulations.
(3) In this regulation, a reference to property, rights and liabilities does not include rights and liabilities under a contract of employment.