Article 5 Transfer of functions, property etc.

On the vesting day there shall be transferred from the Council to the Company all statutory and other powers and duties conferred or imposed on the Council in relation to the undertaking, and accordingly as from that day all such statutory provisions, and any byelaws made thereunder, shall have effect, subject to the necessary modifications, as if for any reference therein (however worded and whether express or implied) to the Council there were substituted a reference to the Company.

On the vesting day there shall be transferred to and vested in the Company the undertaking as existing immediately before that day, including the lands, works, buildings, machinery, and stores, all other real and personal property, assets and effects, rights, powers and privileges vested in or enjoyed by the Council, and all liabilities and obligations to which the Council are then subject, in relation to the undertaking.

Every byelaw in force in relation to the undertaking immediately before the vesting day, and every licence issued thereunder and in force immediately before that day shall have effect as if made or issued by the Company and, in the case of byelaws, confirmed as provided in this Order.