Article 16

from the relevant date assume liability for all repayments of principal, interest and management expenses relating to the loan debt outstanding at that date, on the transferred properties vested in that authority (including the cost of the land) and due to the consolidated loans fund of the Council;

from the date on which payment is made or costs incurred under article 6(6), assume a similar liability in respect of any loan debt incurred by the Council after the relevant date in meeting the liabilities created by article 6;

discharge such liabilities by making payments to the Council of such amounts and at such times each year as shall be agreed between the Council and transferee authority.