Article 6 Transfer of rights and liabilities

Subject to paragraphs (2) and (4), on the transfer date all rights and liabilities of the Residuary Body which are not transferred by the preceding provisions of this Order shall vest in Stockport to be held for the benefit of, or discharged on behalf of, all the local councils.

All remaining rights and liabilities of the Residuary Body in respect of the Midland Hotel site, Manchester, shall vest jointly in all the local councils.

Any sums received or payments due in consequence of the provisions of paragraph (2) shall be distributed among or discharged by the local councils in the appropriate proportions.

Paragraph (1) shall not apply to any liability of the Residuary Body to pay remuneration to its members, or to any function of the Residuary Body in relation to any contract of employment other than those mentioned in article 5(1), and any right or liability of the Residuary Body in relation to the special fund set aside under article 4(1) shall remain the right or liability of the Residuary Body.

Liabilities in respect of money borrowed by the Residuary Body (both as respects principal and interest) transferred by paragraph (1) shall be charged on the revenues of Stockport.