# The Transfer of Functions (Insurance) Order 1997, Article 5: Transfers of property, etc.

Extent: E+W+S+N.I.

(1) Subject to paragraph (2), all property, rights and liabilities to which the Secretary of State for Trade and Industry is entitled or subject at the coming into force of this Order in connection with any function transferred by article 2 of this Order are hereby transferred to the Treasury.
(2) Paragraph (1) does not have effect in relation to rights and liabilities under contracts of employment.

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Source: https://www.legislation.gov.uk/uksi/1997/2781/article/5 (the official version)
Page: https://openlegislation.uk/transfer-of-functions-insurance-order-1997/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.