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Paragraph 1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In respect of properties described in paragraphs 1(a) of the Parts of Schedule 2 of the deposited Schedules, the appropriate transferee authority shall from the relevant date—

(a)

assume liability for all repayments of principal, interest and management expenses relating to the loan debt outstanding at the relevant date on the properties transferred (including the cost of the land) and due to the consolidated loans fund of the Greater London Council; and

(b)

discharge such liability by making payments to the Greater London Council of such amounts and at such times each year as shall be agreed between the Greater London Council and the transferee authority.