Paragraph 1

the property shall, except as otherwise expressly provided, be held by the authority or body to whom it is transferred subject to all debts and liabilities affecting the property;

the latter authority or body shall hold the property for the estate, interest, and purposes, and subject to the covenants, conditions, and restrictions for and subject to which the property would have been held if this Act had not been passed, so far as they are not modified by or in pursuance of Part VII of this Act;

if and so far as the property consists of stock, the provisions of the M1Local Government (Stock Transfer) Act, 1895, shall apply for the purposes of any such transfer in like manner, as if the transfer had been made by virtue of the M2Local Government Act, 1894, with this modification, that for the reference to a certificate of the clerk of the county council there shall be substituted a reference to a certificate of the Minister.