Article 3 Transfer of property, rights, liabilities and functions to the Commission

Subject to paragraph (2), any property, rights and liabilities remaining vested in the Trust immediately before the commencement date, and any relevant function, shall be transferred to the Commission on that date.

Paragraph (1) shall not apply in respect of any property, rights, liabilities or relevant functions which the Trust has notified in writing to the Commission, not less than 14 days before the commencement date, as those which it thinks necessary or expedient to retain for the purpose of preparing its final accounts and report and winding up its affairs.

Any property, rights and liabilities remaining vested in the Trust immediately before the dissolution date, and any relevant function, shall be transferred to the Commission on that date.