It is the duty of the Mayor to review, from time to time, the continuing in existence of any existing MDCs.
(1)The Mayor may at any time make a scheme (a “transfer scheme”) transferring to a permitted recipient, upon such terms as the Mayor considers appropriate, any property, rights or liabilities which are for the time being vested in an MDC.
(2)A transfer scheme may provide for a transfer to a person within paragraph (d), (e) or (f) of the definition of “permitted recipient” in subsection (4) only if the person consents.
(3)The Mayor must publish a transfer scheme as soon after it is made as is reasonably practicable.
(4)In this section—
“company” means—
a company within the meaning given by section 1(1) of the Companies Act 2006, or
a society registered or deemed to be registered under the Co-operative and Community Benefit Societies and Credit Unions Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) 1969;
“functional body” has the meaning given by section 424(1) of the Greater London Authority Act 1999;
“permitted recipient” means—
the Greater London Authority,
a functional body other than the MDC concerned,
a company that is a subsidiary of the Greater London Authority,
a London borough council,
the Common Council of the City of London, or
any other person;
“subsidiary” has the meaning given by section 1159 of the Companies Act 2006.
(1)Subsection (2) applies if no property, no rights and no liabilities are vested in an MDC (“the MDC”).
(2)The Mayor may request the Secretary of State to revoke the order under section 198(2) which established the MDC.
(3)If the Secretary of State receives a request under subsection (2), the Secretary of State must make an order giving effect to the request.
(4)Where the Secretary of State makes an order under subsection (3)—
(a)the MDC is dissolved on the coming into force of the order, and
(b)the Mayor must revoke the designation of the Mayoral development area for which the MDC was established.
(5)Where the Mayor makes a revocation under subsection (4)(b), the Mayor must—
(a)publicise the revocation, and
(b)notify the Secretary of State of the revocation.