Article 3 Rights and liabilities in respect of loans

The rights and liabilities of the former Merseyside Metropolitan County Council in respect of money borrowed which on the abolition date became rights and liabilities of the Residuary Body by virtue of section 58(1) of the Act shall, to the extent that they subsist immediately before the transfer date, become on that date rights and liabilities of the designated council or, if they relate to the Tunnel loans, rights and liabilities of the Transport Authority.

The rights and liabilities of the Residuary Body in respect of money borrowed by that Body shall, to the extent that they subsist immediately before the transfer date, become on that date rights and liabilities of the designated council.

The liabilities (both as respects principal and interest) which fall to be discharged by the designated council in consequence of paragraphs (1) and (2) shall be charged indifferently on all the revenues of that council.

The liabilities (both as respects principal and interest) which fall to be discharged by the Transport Authority in consequence of paragraph (1) shall be charged indifferently on all the revenues of the Authority.