Article 4 Transfer of assets, rights, obligations and liabilities

(1)

All property, rights, obligations and liabilities of the MMC immediately prior to the commencement date are on that date transferred to the Commission.

(2)

The liability of the Secretary of State for the payment of pensions of former Chairmen and deputy chairmen of the MMC is transferred to the Commission on the commencement date.

(3)

On the commencement date the liability of the Secretary of State for the payment of the following are transferred to the Commission:

(a)

remuneration, allowances, or gratuities to persons who immediately before the commencement date were members of the MMC and who from that date become members of the Commission; and

(b)

pensions of the persons who immediately before the commencement date were Chairman and deputy chairmen of the MMC and who from that date become Chairman and deputy chairmen of the Commission.