Article 5 Transfers of property, rights and liabilities

The person who immediately before the transfer date is appointed as the secretary of the Commissioners is to be treated, on and after the transfer date, as if the person had been appointed as the Public Works Loans Secretary under section 6(1) of the Public Works Loans Act 1875^f1.

All land which the Commissioners own, have the benefit of, or are entitled to immediately before the transfer date is transferred to and vested in the Public Works Loans Secretary.

All property, interests, rights and liabilities which the Commissioners own, have the benefit of, are entitled to, or are subject immediately before the transfer date, other than any land that is transferred to the Public Works Loans Secretary pursuant to paragraph (2) above, are transferred to and vested in the Treasury.