Transfer of property
3.—(1) On the relevant date any property described in any Part of the deposited Schedule and all liabilities (other than those liabilities described in article 13(3) of and Part III of Schedule 1 to this order) attaching to the Greater London Council in respect of any such property shall by virtue of this order be transferred to and vest in or attach to the authority named in the description of such Part, and—
(a)all contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given (or having effect as if they had been given) by, or to, the Greater London Council in respect of such property and liabilities shall be of full force and effect in favour of, or against, the authority named as aforesaid; and
(b)any action or proceeding or any cause of action or proceeding, pending or existing at the relevant date, by, or against, the Greater London Council in respect of such property and liabilities shall not be prejudicially affected by reason of this order, and may be continued, prosecuted and enforced by, or against, the authority named as aforesaid.
(2) One duplicate of the deposited Schedule is deposited in the offices of the Secretary of State and the other in the offices of the Greater London Council. Copies of the deposited Schedule have been deposited with the transferee authorities and shall be open to inspection at all reasonable times.
4. Any property or liability transferred by article 3 to the authority for any area shall be held or discharged by them in respect of the area.
5. Any byelaws in force for the regulation of any property transferred by the said article shall have effect as if they had been made by the authority to whom such property is transferred.
6. Any legal proceedings pending at the relevant date may be amended in such manner as may be necessary or proper in consequence of this order.
7. Where under this order or any adjustment made in consequence hereof any liability or part of a liability charged indifferently on all the revenues of a public body or on any particular revenues or fund of such body is transferred to another public body, the liability or part of the liability shall be charged indifferently on all the revenues of the public body to whom it is transferred and shall cease to be a charge on any revenues or fund of the public body from whom it is transferred.
In this article, `public body' and `revenues'