Article 4 Transfer of functions, property, etc.

(1)

On the transfer date all statutory and other powers and duties conferred or imposed on TQC by any provision of the Teignmouth Quays Orders in force immediately before that date shall be transferred from TQC to A.B. Ports.

(2)

On the transfer date the undertaking as existing immediately before that date, including the lands, works, building, machinery stores and other real and personal property, assets and effects, rights, powers and privileges vested in or enjoyed by TQC, and all liabilities and obligations to which TQC is then subject in relation to the undertaking, shall be transferred to and vest in A.B. Ports.

(3)

On and after the transfer date any statutory provision of local application or document whatsoever shall have effect in its application to the transferred undertaking as if any reference however worded and whether express or implied—

(a)

to TQC, were construed as a reference to A.B. Ports; and

(b)

to an officer, employee or servant of TQC, were construed as a reference to an officer, employee or servant of A.B. Ports.