Article 4
On the relevant date any property described in any Part of the deposited Schedules and all liabilities (other than those liabilities described in article 20(3) of and Part III of Schedules 1 and 2 to this order) attaching to the Greater London Council in respect of any such property shall by virtue of this order be transferred to and vest in or attach to the authority named in the description of such Part, and—
all contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given (or having effect as if they had been given) by, or to, the Greater London Council in respect of such property and liabilities shall be of full force and effect in favour of, or against, the authority named as aforesaid; and
any action or proceeding or any cuase of action or proceeding, pending or existing at the relevant date, by, or against, the Greater London Council in respect of such property and liabilities shall not be prejudicially affected by reason of this order, and may be continued, prosecuted and enforced by, or against, the authority named as aforesaid.
One duplicate of each of the deposited Schedules is deposited in the offices of the Secretary of State and the other in the offices of the Greater London Council. Copies of the deposited Schedules have been deposited Schedules have been deposited with the transferee authorities and shall be open to inspection at all reasonable times.