# The New Towns Act 1981 (Local Authority Oversight) Regulations 2018, Paragraph 5


Section 41 (transfer of property and dissolution of corporation) has effect as if—
(a) in subsection (1) for “shall by order direct” substitute “may, with the consent of the oversight authority for the new town in question, by order direct”;
(b) after subsection (2) there were inserted—
“(2A) Where the oversight authority is comprised of more than one local authority an order under subsection (1) shall provide for the corporation’s property, rights, liabilities and obligations to vest in the relevant transferee—
(a) in such proportions as those local authorities which were designated as the oversight authority have agreed provided the details of the agreement have been notified to the Secretary of State before the order is made; or
(b) in the absence of such notification, in such proportions as the Secretary of State considers appropriate.”.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111169995/schedule/1/paragraph/5 (the official version)
Page: https://openlegislation.uk/draft-new-towns-act-1981-local-authority-oversight-regulations-2018/schedule-1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.