Article 2 Transfer of property, rights and liabilities to the council

(1)

Subject to the provisions of this Order—

(a)

the heritable property specified in the Schedule to this Order, insofar as owned by the development corporation immediately before the day on which this Order comes into force; and

(b)

the development corporation’s interest immediately before the day on which this Order comes into force in the standard securities, minutes of agreement, policies of assurance and other contracts and agreements specified in the Schedule to this Order,

shall, together with the development corporation’s rights, liabilities and obligations pertaining thereto, transfer to and vest in the council at the beginning of the day on which this Order comes into force.

(2)

For the purposes of paragraph (1) above, a reference to any liability or obligation specified in, or of a description specified in, or relating to any property or matter specified in, any part of the Schedule to this Order shall be deemed to include any liability or obligation of the development corporation subsisting immediately before the date on which this Order comes into force whether or not any relevant claim (within the meaning of section 9 of the Prescription and Limitation (Scotland) Act 1973^f1) has been made in relation to the liability or obligation at any time before that date.

Annotations

Footnotes

f1: 1973 c. 52; section 9 was amended by the Prescription and Limitation (Scotland) Act 1984 (c. 45), Schedule 1, paragraph 3; by the Bankruptcy (Scotland) Act 1985 (c. 66), Schedule 7, paragraph 11; and by the Prescription (Scotland) Act 1987 (c. 36), section 1.