Article 4 Reversion of property and functions

Upon expiry of any period specified in a transfer agreement in accordance with paragraph (3) of article 3 above or upon a transfer agreement being terminated or otherwise ceasing to have effect, the functions and property of the Company which were transferred by that agreement shall, by virtue of this paragraph but subject to the effect of any further transfer agreement entered into by the Company, be revested in the Company, but such revesting shall not make the Company subject to any of the liabilities of the transferee other than any continuing duties imposed by the Acts.

Notwithstanding anything in any transfer agreement, any duty arising under the Acts to complete the construction of, or to maintain or operate, any works in respect of which the Company’s functions are transferred by a transfer agreement, together with such rights and property as are required for the discharge of that duty, shall revert to the Company in the event of the abandonment of those works or in the event that the works are not completed within 10 years of the commencement of construction of those works.

Unless the transfer agreement otherwise provides, if a duty to complete the construction of, to maintain or to operate any works reverts to the Company under paragraph (2) above, the transfer agreement shall terminate and all the functions and property of the Company which were transferred by that agreement shall be revested in the Company in accordance with paragraph (1) above.