Article 2 Transfer of property, rights and liabilities

All property rights and liabilities vested in the Corporation on the commencement date are transferred to the Council on that date.

Paragraph (1) does not apply to the property, rights and liabilities specified in the retained list.

Any property, rights and liabilities remaining vested in the Corporation immediately before the dissolution date are transferred to the Council on that date.

In this article a reference to property, rights and liabilities does not include rights and liabilities in relation to a pension scheme established under section 7 of the Superannuation Act 1972^f1.

Nothing in this article transfers to the Council rights and liabilities under a contract of employment.

In this article—

• “dissolution date” means the date on which the Corporation is dissolved by order under section 166^f2 of the Local Government, Planning and Land Act 1980; and

• “retained list” means the document “Property, rights and liabilities retained by Thurrock Development Corporation for the purposes of preparing its final accounts and report and winding up its affairs” dated 23rd February 2012, a copy of which has been deposited in the offices of the Secretary of State^f3.